Selling off the Ohio properties because no one would bid up for your "dry" gas prospects.
As you've recently seen in another context, "That's hedge fund behavior".
From Reuters Africa:
Chesapeake Energy Corp is looking to sell about 337,000 acres of its holdings in Ohio, as it works to raise money to meet an expected cash shortfall, according to a prospectus released by one of its advisers.This is not good news for long-term shareholders but what with the board shake-up and the Hogshooter discovery well, the stock is up 6% at $16.51.
The holdings on the block include some in the Utica shale. The prospectus was posted on the website of Meagher Energy Advisors, an energy-focused asset acquisition and divestiture boutique firm that has sold assets for Chesapeake in the past.
