Chesapeake looks to sell Haynesville assets
Wednesday, November 20, 2019
Comstock Resources is in talks to purchase Chesapeake Energy Corp’s Haynesville shale assets in Louisiana, according to Reuters, who cited sources familiar with the matter.
If the companies can come to a concrete agreement, the deal could be worth more than $1 billion. At this time, Comstock and Chesapeake have settled on a basic structure for a potential deal and hope to reach an agreement by the end of the year.
Reuters sources declined to be identified as talks of the deal are confidential and what has been agreed upon is subject to change. There is no guarantee these talks will end successfully.
Learn more: Reuters > Exclusive: Comstock in talks to buy Chesapeak’s Haynesville assets – sources
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.