Stockholm. Norwegian energy giant Statoil (STL.OS) Friday said it has signed an agreement with Chesapeake Energy Corp. (CHK: 22.43, 0, 0%) that will add approximately 59,000 net acres to Statoil's current 600,000 net acre positions in the Marcellus Shale.
The cost to Statoil is $253 million, with an average acreage cost of $4,325 an acre, it said.
Andy Winkle, vice president for the Marcellus Asset, said Statoil "will continue to build a long-term position in what we expect will become a legacy asset."
As part of Statoil's joint venture agreement with Chesapeake formed in 2008, Statoil has the right to periodically acquire its share of leasehold that Chesapeake continues to acquire in the Marcellus Shale.
Reported by Cristina Gallardo, write to
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