No slowing down for the CHK Land Machine

You don't really see them take big pieces like this very often any more.  Yet another example of big dollars paid for property with no booked reserves.

http://www.reuters.com/finance/stocks/keyDevelopments?rpc=66&symbol=CHK&timestamp=20101129125600

Antares Energy Limited announced that it has negotiated the sale of its Yellow Rose and Bluebonnet assets. Chesapeake Energy Corporation has agreed to purchase 100% of 23,180 net oil and natural gas leasehold acres in McMullen County, Texas from Antares and its partner San Isidro Development Company (SIDC). The consideration for the sale will be $200,000,000 cash. Closing of the transaction is anticipated to occur on or before December 15, 2010. The USD200,000,000 represents a transaction value per net acre of $8,628/acre. The average value of all the transactions is $7,098/acre while the average value of transactions between 10,000 and 40,000 acres is $6,356/acre. The price achieved of $8,628/acre represents a premium of 21.5% over all transactions and a premium of 35.7% over transactions between 10,000 and 40,000 acres. The value of transactions greater than 40,000 acres was $9,391/acre. Considering the relative size of the combined Yellow Rose and Bluebonnet assets being 23,180 acres, the realisation of a price of $8,628/acre is a testament to the investments made in the acquisition of 3D seismic data, the degree and quality of infrastructure in place.