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Story by the Associated Press

FourPoint Energy LLC will buy oil and gas assets from Chesapeake Exploration LLC and CHK Cleveland Tonkawa LLC for about $840 million.

The sellers are subsidiaries of Oklahoma City-based Chesapeake Energy Corp.

The deal will unfold in three related transactions with incremental and contingent payments to the companies’ preferred interest owners, GSO Capital Partners LP.

The assets involved in the deal include an interest in about 1,500 producing wells primarily in the Cleveland, Tonkawa and Marmaton formations. The assets cover nearly 250,000 net acres centered in Roger Mills and Ellis counties, Oklahoma.