Continental Resources’ Powder River Basin Oil and Gas Assets in Wyoming

Shearman & Sterling advised Chesapeake Energy Corporation in the deal.

Chesapeake Energy Corporation announced its purchase and sale agreement, through its subsidiaries, to sell its oil and gas assets in the Powder River Basin in Wyoming to Continental Resources. Continental will pay Chesapeake Energy a purchase price of $450 million in cash, subject to customary adjustments.

The transaction, which is subject to certain customary closing conditions, is expected to close in the first quarter of 2022. At closing, net proceeds from the sale will go toward the purchase price of the Chief acquisition.

Headquartered in Oklahoma City, Chesapeake Energy’s operations are focused on discovering and responsibly developing its large and geographically diverse resource base of unconventional oil and natural gas assets onshore in the United States.

Continental Resources (NYSE: CLR) is a top 10 independent oil producer in the U.S. Lower 48 and a leader in America’s energy renaissance. Based in Oklahoma City, Continental is the largest leaseholder and one of the largest producers in the nation’s premier oil field, the Bakken of North Dakota and Montana.

The Shearman & Sterling team included Jeremy Kennedy (Picture), John M. Craven, Will Johnson, Jordan Altman, Doreen E. Lilienfeld, Bill Nelson, Todd Lowther, Ian E. Roberts, Jonathan Cheng, John W. Menke, JB Betker, Michael Buiteweg, Y. Jingjing Liang, Catherine Zachry and Jacquelyn Watson.

Involved fees earner: Jordan Altman – Shearman & Sterling; JB Betker – Shearman & Sterling; Michael Buiteweg – Shearman & Sterling; Jonathan Cheng – Shearman & Sterling; John Craven – Shearman & Sterling; Will Johnson – Shearman & Sterling; Jeremy Kennedy – Shearman & Sterling; Jingjing Liang – Shearman & Sterling; Doreen Lilienfeld – Shearman & Sterling; Todd Lowther – Shearman & Sterling; John Menke – Shearman & Sterling; Bill Nelson – Shearman & Sterling; Ian Roberts – Shearman & Sterling; Catherine Zachry – Shearman & Sterling;

Law Firms: Shearman & Sterling;

Clients: Chesapeake Energy Corporation;