OREANDA-NEWS. Chesapeake is selling acreage in the Haynesville shale area of Louisiana for $465mn, its second from the same basin this month, to repay debt.

The latest deal includes about 41,500 net acres and 326 operated and non-operated wells currently producing about 50mn cf/d (1mn m?/d), net to Chesapeake. The buyer is Covey Park Energy, a private exploration and production company backed by private equity firm Denham Capital.

The earlier deal, announced on 5 December, was for $450mn, included 78,000 net acres, and an output of 30mn cf/d. The buyer was not disclosed. Both deals are expected to close in the first quarter of next year.

With the latest deal, Chesapeake exceeded its 2016 asset sales goal by $500mn, to $2.5bn.

"We will continue to pursue opportunities to strengthen our balance sheet in 2017," chief executive Doug Lawler said in a statement. "Upon closing, this strong bid for our second Haynesville package …will position Chesapeake with significant liquidity as we begin a new year."

Chesapeake's net long-term debt fell to $9bn as of the end of the third quarter, down from $10.3bn at the end of 2015.

Chesapeake, once a poster child for the excesses of the US shale boom, is implementing a series of measures to shore up its balance sheet and pay down the billions of debt taken in part to fund an asset acquisition spree.