Chesapeake Energy (NYSE:CHK) Putting Shale Asset Up for Sale

In an effort to raise capital to pay down its large debt, Chesapeake Energy (NYSE:CHK) said they're putting their share natural gas field in Fayetteville, Arkansas up for sale, along with its stakes in a couple of companies.

Chesapeake started a shale gas buying binge which ended with them not having the capital to start drilling new wells and a heavy debt load, prompting the announcement of the sale.

Ongoing anemic natural gas prices have also hurt Chesapeake, as it has all companies with significant natural gas exposure at this time.

The two stakes they're looking to offload are Frac Tech Holdings LLC and Chaparral Energy.

Chesapeake has said they're going to focus more on oil and other liquids while natural gas prices remain depressed, which could be several years.

Chesapeake was trading at $31.79, gaining $1.73, or 5.76 percent, as of 12:30 PM EST.