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Monday, February 25, 2013

Sinopec to purchase Chesapeake's Mississippi Lime stake - source, (NYSE: CHK), (NYSE: SNP)

China Petroleum & Chemical Corp (Sinopec) , Asia's largest refiner, will purchase a 50 percent stake in Chesapeake Energy Corp's Mississippi Lime oil and gas assets in Oklahoma and Kansas for $1.02 billion, a company source told Reuters. Chesapeake, the second-largest gas producer in the United States, has about 2.1 million net acres of leasehold in Mississippi Lime.

Chesapeake Energy Corporation (Chesapeake) is a natural gas and oil exploration and production company. Shares of CHK remained unchanged at $20.50. In the past year, the shares have traded as low as $13.32 and as high as $26.09. On average, 14125300 shares of CHK exchange hands on a given day and today's volume is recorded at 300.

China Petroleum & Chemical Corporation is an energy and chemical company. Shares of SNP remained unchanged at $112.75. In the past year, the shares have traded as low as $82.51 and as high as $122.81. On average, 81379 shares of SNP exchange hands on a given day and today's volume is recorded at 0.



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