Statoil-Hydro

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In November, 2008 a report appeared in which Chesapeake sold 32.5% of it's 1.8 million net acre Marcellus shale leasehold to Norway-based Statoil-Hydro (STL.OL) for $3.375 billion. These funds will be used to pay 75% of Chesapeake's 67.5% share of development and completion expenses.