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Chesapeake Energy sells Chaparral unit for $215M

OKLAHOMA CITY (AP) -- Natural gas producer Chesapeake Energy said Friday that it has sold its Chaparral Energy business for $215 million.

Chesapeake did not identify the buyer of the oil and gas production company. It said the sale closed Monday.

In early 2011 Chesapeake said it would sell Chaparral and its assets in the Fayetteville Shale assets in Arkansas to cut its debt. BHP Billiton Ltd. of Australia bought the Fayetteville assets for about $4.65 billion.