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Ex-Chesapeake CEO plans effort in Utica shale

Former Chesapeake Energy Corp. chief executive Aubrey McClendon is nearing securing $1.8 billion in financing to create an oil and gas exploration and production company, with plans to acquire properties in the southern Utica shale, CNBC' s David Faber reported, citing investors in the new company.

The company, American Energy Utica, plans to acquire about 80,000 acres in the area. The Energy & Minerals Group, a private equity firm, will have a 70% equity stake in the new company, Mr. Faber reported.

Mr. McClendon declined comment to CNBC.

Dow Jones Newswires

09/30/2013

 

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