Ex-Chesapeake CEO plans effort in Utica shale


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

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