American Energy Partners LP, founded by former Chesapeake Energy Corp chief executive Aubrey McClendon, said on Tuesday its Permian Basin affiliate had bought oil assets in Texas for $726 million and plans an initial public offering soon. American Energy-Permian Basin has since July 31 bought production of 1,400 barrels of oil equivalent per day and about 27,000 net acres of leasehold, bringing its total to 90,000 net acres in the Wolfcamp shale of the Permian Basin.The company said an IPO for the affiliate would be held in the next 12 months. In August, McClendon's son was named finance director of the affiliate.In June, American Energy Partners announced it was buying $4.25 billion in shale oil and gas assets, its biggest deal thus far.McClendon, who co-founded Chesapeake in 1989 and built it into the second-largest U.S. producer of natural gas, was pushed out of the company in April last year after he clashed with the board over spending and a governance crisis.
Chesapeake Energy Corporation (Chesapeake) is a natural gas and oil exploration and production company. Shares of CHK traded higher by 3.9% or $0.81/share to $21.60. In the past year, the shares have traded as low as $16.69 and as high as $29.92. On average, 10204700 shares of CHK exchange hands on a given day and today's volume is recorded at 7308924.
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