Chesapeake Energy Corp., Oklahoma City, (NYSE: CHK) plans to acquire from Fort Worth, Texas-based Four Sevens Oil Co. Ltd. and its equity partner, Sinclair Oil Corp., 39,000 net acres of Barnett Shale leasehold, 30 million cubic feet equivalent of gas production and $55 million of midstream gas assets for $845 million in cash. Of the 39,000 net acres, 26,000 are in Johnson and Tarrant counties, Texas, where Chesapeake has identified 500 potential drill sites, and 13,000 acres are in counties outside the company's core focus area. After allocating $55 million of the $845 million Four Sevens/Sinclair purchase price to midstream gas assets and adding an estimated $1.2 billion of capital needed to fully develop the 870 billion cubic feet equivalent of proved and unproved reserves, Chesapeake's all-in acquisition cost will be $2.32 per thousand cubic feet of gas equivalent.