Chesapeake Energy Corporation (NYSE:CHK) is selling some of its assets in Oklahoma, as the company continues to raise cash in order to reduce debts,  close the gap between  revenues and expenditures, as well as to close its $3.1 billion budget shortage for  next year.

Chesapeake

According to the report from Wall Street Journal, Chesapeake Energy wants to sell the drilling rights for the approximately 28,000 acres of property in western Oklahoma. The property is adjacent to the company’s “Hogshooter” oil discovery. The company is also selling around 30,000 acres of Hogshooters, excluding a well in the oilfield, which is considered the best in the United States.

Chesapeake Energy’s properties for sale are a “small, noncore package of acreage and not connected to our significant Hogshooter discovery,” according to the spokesperson of the company.  He also said that the sale of the properties will not change the company’s drilling plans or budget.

Chesapeake Energy Corporation (NYSE:CHK) owns more than 15 million acres of land across the United States. Aubrey McClendon, CEO and co-founder of Chesapeake Energy, made large investments in securing drilling rights in different parts of the country.

Last June, Chesapeake Energy Corporation (NYSE:CHK)’s shareholders, led by activist investors, Carl Icahn and Mason Hawkins, CEO of Southern Asset Management, pressured the company’s board of directors to manage costs, cut discretionary spending, and to concentrate on its operations. The company plans to cut 27 percent of its drilling expenditures in 2013.

In September, the Chesapeake Energy Corporation (NYSE:CHK) said the company sold $6.9 billion assets. The company has raised a total of $11.6 billion this year. The company aims to raise $13 billion by the end of 2012.  Chesapeake Energy plans to sell more assets to raise as much as $5 billion next year. The company expects to spend $3 billion in 2013, which is higher than its estimated cash flow.

Last week, the company revealed that it is developing100 percent environmentally friendly fracking fluids. According to Jody Jones, the manager of environmental and regulatory affairs of Chesapeake, the company is testing the product, and there are no results yet.

Most recently, the company announced its partnership with General Electric Company (NYSE:GE) in launching the CNG In A Box system, through its subsidiary Peake Fuel Solutions. The CNG In A Box is an alternative\ fueling system that allows the company to fuel up their natural gas vehicles (NGVs) cheaper, easier, and faster.

The stock value of Chesapeake Energy rose by 0.25 percent to $20.19 per share during the afternoon trading at the New York Stock Exchange.

David White of Seeking Alpha noted that Chesapeake Energy Corporation (NYSE:CHK) is making positive improvements in many areas, as the company’s stock value goes upwards, while the overall SPDR S&P 500 Trust ETF (SPY) market goes down. According to him, some of the improvements included the rising price of natural gas, additional 4.2 Tcfe, or 700 million barrels of oil equivalent through the drill bit, during the first half of 2012, and a systematic cutting of expenditures while maintain growth.