Chesapeake Energy Corp., Oklahoma City, (NYSE: CHK) and Plains Exploration & Production Co., Houston, (NYSE: PXP) have retained RBC Richardson Barr to offer all rights held in more than 94,000 net acres in East Texas and northern Louisiana that were assembled for Haynesville shale exploitation.

The sellers, which are involved in an 80/20 joint venture in the region, are selling some 16% of their jointly held acreage as they hold more acreage in the trend than they can drill or extend to meet lease expirations.

More than 86% of the total 94,437 net acres are in Harrison and Panola counties, Texas, and Bossier Parish, Louisiana, with an average 77% net revenue interest. Approximately 66% is in Texas with 44% held by production and 34% in Louisiana with 9% held by production. All of the acreage contains Bossier and Haynesville shale rights and approximately 15% also has shallow rights.

Approximately 96% of the term net leasehold will expire by year-end 2011, with about 50% of the term acreage extendable by exercising options from $50 to $25,000 per net acre.

The unrisked potential is estimated to be up to 3.8 trillion cubic feet of net recoverable Haynesville resources based on 885 horizontal wells drilled on 80-acre spacing on 75% of the leasehold. The package involves four wells in Caddo and Bossier parishes (two producing, two proved nonproducing; three operated by Chesapeake). Estimated net gas reserves are 3.3 billion cubic feet equivalent.

The bid due date is Feb. 3. The effective date is Jan. 1. Contact Craig Lande, 713-585-3335, craig.lande@rbccm.com.