Total E&P USA Inc. signed a joint venture agreement with Chesapeake Exploration LLC and affiliates of EnterVest Ltd. in which Total acquires a stake in the Utica shale in Ohio.
Terms call for Total to obtain a 25% share in the transaction signed Dec. 30 and effective as of Nov. 1, 2011. Total paid Chesapeake and EnerVest $700 million in cash.
In addition, Total agreed to pay up to $1.63 billion during 7 years in the form of a 60% carry of Chesapeake and EnerVest’s future drilling and completion expenditures.
http://www.ogj.com/articles/2012/01/total-signs-utica-shale-jv-with-chesapeake.html