Shares of Chesapeake Energy (CHK) traded with losses of up to 7% in Monday's trading session. The natural gas exploration and production company announced a joint venture with Sinopec International Petroleum Exploration for its Mississippi Lime play in Oklahoma.
The Joint Venture
Chesapeake announced the "joint venture" on Monday. In reality, the company will sell a 50% stake in 850,000 of net oil and gas acres in the Mississippi Lime play in Northern Oklahoma. Chesapeake will receive $1.02 billion in cash, of which 93% will be achieved upon closing of the deal.
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