Former Chesapeake Energy CEO Aubrey McClendon has settled on Ohio's Utica Shale for his re-entry into the energy business, according to several published reports. The Wall Street Journal has one account, as does industry trade journal Upstream and others. You'll run into pay walls at those publications, but the basics are this: McClendon's new energy company, American Energy Partners LP, is the unannounced buyer of some 22,500 acres of leases in the Utica, a developing shale play, sold last week for $284 million by Enervest, a Houston-based energy investor also active in the Barnett Shale. The Journal, citing unnamed sources, also says McClendon has bought properties in Ohio from Shell, and that he has rounded up $500 million in backing from Energy & Minerals Group of Houston, and expects $200 million from First Reserve, a Greenwich, Conn., private equity group. According to the Journal: "Others will invest smaller sums, while Mr. McClendon will contribute some of his own money, the people said. The company has raised $400 million in debt."
Some background on McClendon's new company is here.
-- Jim Fuquay