Memphis, Tennessee, USA, 03 September 2008 -- /PRNewswire/ -- International Paper (NYSE: IP) announced today that it has completed the sale of approximately 13,000 net acres of subsurface mineral rights in the Haynesville Shale natural gas formation in northwest Louisiana to Chesapeake Energy Corporation (NYSE: CHK) for approximately USD 263 million.
"We will continue to look for opportunities to monetize our remaining U.S. forestlands, real estate, and mineral holdings, to pay down debt, strengthen our balance sheet, and focus on our global paper and packaging business," said John Faraci, International Paper's chairman and chief executive officer.
This transaction was structured as a like-kind exchange of assets for property associated with IP's recent acquisition of Weyerhaeuser's Containerboard, Packaging, and Recycling business.
International Paper (NYSE: IP) is a global paper and packaging company with manufacturing operations in North America, Europe, Latin America, Russia, Asia, and North Africa. Its businesses include uncoated papers and industrial and consumer packaging, complemented by xpedx, the company's North American distribution company. Headquartered in Memphis, Tennessee, the company employs more than 65,000 people in more than 20 countries and serves customers worldwide. Its 2007 net sales were approximately USD 22 billion. For more information about International Paper, its products, and stewardship efforts, visit internationalpaper.com.