Chesapeake puts oil field acreage on market

Chesapeake Energy Corp. wants to sell nearly 200,000 net acres in the Wattenberg field in a deal that could fetch it $1 billion.

The 193,000 net acres represent part of the more than 500,000 net acres the company wants to sell in the Denver-Julesburg Basin in Colorado and Wyoming. The sale includes all of Chesapeake’s holdings in northeastern Colorado, the company said in a statement Friday.

The company said it operates 29 wells in the southern portion of the D.J. Basin.

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Meagher Energy Advisors has listed the prospectus on its website. Bids are due June 28.

Chesapeake is trying to raise as much as $11.5 billion to help pay down debt, MarketWatch reported.

The sale would allow Chesapeake to concentrate on developing its 500,000 net acres of Niobrara leases in the Powder River Basin in Wyoming, the company said.

“The company has publicly announced that it is refocusing its drilling efforts on 10 areas that it considers core,” Chesapeake said. “Accordingly over the next year or so, the company will continue to exit from all other areas that it considers non-core to its operations.”

The sale could net Chesapeake $1 billion, an analyst told Dow Jones Newswires.