Business

Natural Gas Wildcatter Spends $4.25 Billion On Shale

(Photo by David McNew/Getty Images)

(Photo by David McNew/Getty Images)

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FORT WORTH, Texas (AP) – Natural gas wildcatter Aubrey McClendon’s American Energy Partners LP has invested $4.25 billion in lease holdings and drilling rights in four states.

The properties are the Permian Basin in West Texas, the Utica shale in Ohio and the Marcellus shale in Pennsylvania and West Virginia.

The Oklahoma City-based company said Monday a subsidiary is acquiring about 63,000 acres in the Permian Basin from Enduring Resources LLC for $2.5 billion. It’s the company’s first investment in the West Texas shale play.

McClendon was forced out as Chesapeake Energy Corp.’s CEO following a shareholder revolt led by billionaire investor Carl Icahn. Chesapeake reported a $940 million loss in 2012 after natural gas prices plummeted.

Michigan’s attorney general filed felony charges last week, saying Chesapeake under McClendon misled landowners. The company denies wrongdoing.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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