Tom Ward Sees an Opportunity in Shale His Old Company Spurned
- BHP bought the Fayetteville shale assets for $4.75 billion
- Ward just started a new venture called Mach Resources
Mach CEO Expresses Interest in BHP Fayetteville Assets
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Natural gas icon Tom Ward may be shopping for shale gas assets that were sold in 2011 by Chesapeake Energy Corp., the company he co-founded in 1989.
Ward, who’s starting Mach Resources with a partner, said in a Bloomberg Television interview Wednesday that the Fayetteville shale in Arkansas and Oklahoma is a “wonderful place to look for gas.” BHP Billiton Ltd., which purchased the Fayetteville assets from Chesapeake in 2011 for $4.75 billion, said it’s weighing a sale a little more than two weeks after billionaire Paul Singer proposed spinning off the mining company’s U.S. petroleum division.