May 30, 2012 / 4:57 PM / 5 years ago

Chesapeake looking to sell some East Texas acreage-adviser

NEW YORK, May 30 (Reuters) - Chesapeake Energy is seeking to sell around 57,000 acres of leaseholdings in East Texas, as the company works to raise cash to meet an expected funding gap, according to a prospectus released by one of its advisers.

The company said the acreage is in Madison, Leon, Houston, Grimes and Robertson counties in Texas and would give buyers access to the Woodbine oil formation, the prospectus said. The prospectus was posted on the web site of Meagher Energy Advisors, an energy-focused asset acquisition and divestiture boutique firm that has sold assets for Chesapeake in the past.

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