CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS â€“ (Continued) 12. Oil and Natural Gas Property Transactions Under full cost accounting rules, we accounted for the sales of oil and natural gas properties discussed below as adjustments to capitalized costs, with no recognition of gain or loss as the sales did not involve a significant change in proved reserves or significantly alter the relationship between costs and proved reserves. 2015 Transactions CHK C-T sold all of its oil and natural gas properties to FourPoint and used the consideration, plus other cash it had on hand, to repurchase and cancel all of CHK C-Tâ€™s outstanding preferred shares. In a related transaction, we sold noncore properties adjacent to the CHK C-T properties to FourPoint for approximately $90 million. Excluding proceeds received from selling additional interests in our joint venture leasehold described under Joint Ventures below, in 2015 we received proceeds related to divestitures of other noncore oil and natural gas properties of approximately $66 million. 2014 Transactions We sold certain assets in the southern Marcellus Shale and a portion of the eastern Utica Shale to a subsidiary of Southwestern Energy Company for aggregate net proceeds of approximately $4.975 billion. We sold approximately 413,000 net acres and approximately 1,500 wells in northern West Virginia and southern Pennsylvania, of which 435 wells are in the Marcellus or Utica formations, along with related gathering assets and property, plant and equipment. We exchanged interests in approximately 440,000 gross acres in the Powder River Basin in southeastern Wyoming with RKI Exploration & Production, LLC (RKI). Under the agreement, we conveyed to RKI approximately 137,000 net acres and our interest in 67 gross wells with an average working interest of approximately 22% in the northern portion of the Powder River Basin, where RKI was the designated operator. In exchange, RKI conveyed to us approximately 203,000 net acres and its interest in 186 gross wells with an average working interest of 48% in the southern portion of the Powder River Basin, where we were the designated operator. In conjunction with the exchange, we paid RKI approximately $450 million in cash. We sold noncore leasehold interests in the Marcellus Shale to Rice Drilling B LLC, a wholly owned subsidiary of Rice Energy Inc. (NYSE:RICE), for net proceeds of $233 million. We sold noncore leasehold interests, producing properties and 61 wellhead compressor units in South Texas to Hilcorp Energy Company for net proceeds of $133 million. Operating obligations related to VPP #5 were also transferred. See Volumetric Production Payments below. We sold noncore leasehold interests and producing properties in East Texas and Louisiana for net proceeds of approximately $63 million. All commitments related to VPP #6 will also transferred. See Volumetric Production Payments below. Excluding proceeds received from selling additional interests in our joint venture leasehold described under Joint Ventures below, in 2014 we received proceeds related to divestitures of other noncore oil and natural gas properties of approximately $379 million. 2013 Transactions We sold a wholly owned subsidiary, MKR Holdings, L.L.C. (MKR), to Chief Oil and Gas and two of its working interest partners, Enerplus Corporation and Tug Hill Operating. Net proceeds from the transaction were approximately $490 million. MKR held producing wells and undeveloped acreage in the Marcellus Shale. We sold assets in the Haynesville Shale to EXCO Operating Company, LP (EXCO) for net proceeds of approximately $257 million. Subsequent to closing, we received approximately $47 million of additional net proceeds for post-closing adjustments. The assets sold included our operated and non-operated interests in approximately 9,600 net acres in DeSoto and Caddo parishes, Louisiana.