Ellora Energy and Chesapeake Energy Corporation sign an agreement for leasehold in Shelby Co.
Ellora’s recent activity is their binding agreement with Chesapeake Energy Corporation executed on June 4, 2008, in which Chesapeake agreed to acquire a 65% working interest in Ellora’s deep rights in East Texas to target the Haynesville Shale formation. To consummate this agreement between Ellora and Chesapeake, Chesapeake agreed to pay Ellora $350 million in cash.
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