The properties, which are located in Atoka, Coal, Hughes and Pittsburg counties, Oklahoma currently produce approximately 50 million cu ft of natural gas equivalent per day. The companies anticipate closing the transaction on 8 August.
Aubrey K McClendon, Chesapeake’s chief executive officer, said: ‘There was substantial industry interest in our Woodford Shale asset package and we are pleased to announce the sale of these properties to BP.
‘This transaction completes another aspect of our asset monetisation programme and enables Chesapeake to redeploy capital to our Haynesville, Barnett and Marcellus Shale plays and further improves the company’s capital structure.
‘We look forward to working with BP on other projects in the future, in addition to current projects such as our Anadarko Basin Joint Venture in which we are drilling a series of Deep Springer wells across a 155m2 area of mutual interest in Washita County, Oklahoma.’