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Ohio Utica Shale

Chesapeake lines up a new royalty partner

By Bob Downing Published: March 6, 2012

KKR & Co., a global investment firm, is teaming up with Oklahoma-based Chesapeake Energy Corp. to form a partnership that will offer owners of oil and gas royalty interests the chance for upfront cash from producing wells or money before the full resource is assessed.

KKR will commit an initial $225 million and Chesapeake will provide $25 million toward the partnership that will invest in mineral and royalty interests in oil and gas basins, the two firms said today in a joint statement.

Chesapeake said it expects to buy royalty interests from sellers who don't want to wait to see what's underground as well as those who want cash up front for royalties, a spokesman said.

The agreement is Chesapeake's first partnership that will acquire royalties, not interests in fields, the spokesman said.

Read the Bloomberg report on the new partnership here. You can read the Chesapeake statement here.

 

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