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Chesapeake Energy Corp. (CHK) is selling another parcel of land as the financially beleaguered company tries to shore up cash, according to an asset sale advisory firm.
Chesapeake, the second-largest natural gas producer in the U.S., is selling 57,000 net acres of leaseholds and producing wells in the Woodbine Sand play in east Texas. Chesapeake's attempt to sell the land, a source of crude oil and natural gas liquids, further illustrates the cash-strapped company's efforts to cut its debt to $9.5 billion by the end of 2012.
Chesapeake is trying to sell acreage in oil and gas fields stretching from West Texas to southern Kansas as a way to shore up finances amid low natural gas prices. The company sold $2.6 billion in assets so far this year.
A Chesapeake spokesman was not immediately available.
-By Ben Lefebvre, Dow Jones Newswires; 713-547-9201; firstname.lastname@example.org; Twitter: @bjlefebvre