Chesapeake Energy Corp., Oklahoma City, (NYSE: CHK) and Anadarko Petroleum Corp., The Woodlands, Texas, (NYSE: APC) have entered a joint venture and other agreements involving assets in the Deep Haley area of the Delaware Basin in West Texas and elsewhere for $310 million in cash and other consideration. The basin is part of the Permian Basin. Chesapeake has acquired from Anadarko 25% of its existing Deep Haley production; 25% of the leasehold in the central and eastern portions of the area; 50% leasehold and contractual rights in the western portion of the area; a lease on 2,100 net acres in the Fayetteville shale play in Arkansas; 5,600 net undeveloped lease acres in the Anadarko Basin in western Oklahoma; and Oklahoma City real estate assets Anadarko gained last year as part of its acquisition of Kerr-McGee Corp. Other consideration includes reimbursing Anadarko for capex in development of the Deep Haley properties, and funding a portion of Anadarko's future Deep Haley area capital costs and 50% of certain Chesapeake nonproducing leasehold interests in Loving County, Texas.

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