BP to buy Chesapeake properties for $1.75 billion

BP plans to acquire Chesapeake Energy''s stake in about 90,000 acres of natural gas properties in $1.75 billion, the Associated Press reports. The properties are in the Arkoma Basin Woodford Shale play in Oklahoma. Oklahoma City-based Chesapeake Energy Corp. says the properties currently produce about 50 million cubic feet of natural gas equivalent per day. Chesapeake and Houston-based BP America Inc. expect the deal to close August 8. BP says the deal has the potential to double its production in the region.