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McClendon’s New Company Securing $1.8 Billion in Financing

Aubrey McClendon, former CEO of Chesapeake Energy, is planning to close on $1.8 billion in equity and debt financing to fund American Energy Utica, his new exploration and production company, as reported by CNBC.  American Energy Utica will buy and develop land in Ohio’s southern Utica Shale area.  The company expects to close on the purchase of 80,000 acres in three separate transactions and hopes to have 12 rigs operating within the next two to three years.