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OKLAHOMA CITY (AP) -- Energy exploration company Chesapeake Energy Corp. said Monday it will buy 2,000 acres in the gas-rich Barnett Shale region of Texas and employ a company to acquire additional land leases on its behalf. The land purchase from Western Production Co. will increase Chesapeake's holdings in the Barnett Shale to about 235,000 acres. Chesapeake operates more than 2,700 drilling sites in the region. Additionally, Western Production's affiliate Axia Land Services LLC has agreed to work exclusively for Chesapeake to secure land leases in parts of Tarrant County, Texas. Combined with its own staff, Chesapeake said it will have 1,000 employees working to acquire undeveloped drilling sites in the county. Given those resources, Chesapeake estimates it will be able to acquire up to 40,000 acres per year. Chesapeake shares fell 43 cents to $39.64 in morning trading.
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