Chesapeake Energy (NYSE: CHK) announced it’s selling a 25 percent stake in its Barnett Shale acreage in Texas to France-based Total (NYSE: TOT) for USD2.25 billion.

Total is a global energy giant and will shell out USD800 million in cash, plus $1.45 billion in drilling carries–in other words, Total will fund much of the cost of drilling in the Barnett Shale acreage over the next one to two years. In addition, Total has an option to acquire a 25 percent stake in any new acreage Chesapeake buys in the Barnett region through 2015. Total is paying the equivalent of around USD3 per million British thermal units, roughly the same amount ExxonMobile (NYSE: XOM) offered to buy out XTO Energy (NYSE: XTO).

This isn’t the first time Chesapeake has partnered with a Super Major in an unconventional gas play, and management has noted in recent conference calls that additional deals could be forthcoming.

This latest development further underscores my take on ExxonMobile’s acquisition of XTO: The world’s largest energy firms regard US unconventional gas as a world-class play and want to increase their exposure to this area.

I offered a detailed rundown of my take on the Exxon-XTO merger in a lengthy Flash Alert issued on Dec. 17, 2009, Ten Takeover Plays.

Common shares of Chesapeake Energy are up around 6 percent in early trading, and Wildcatters Portfolio holding Chesapeake’s Convertible Preferred D (NYSE: CHK D) was also higher. The deals is also good news for other gas-levered producers recommended in the Portfolios–namely, Petrohawk Energy (NYSE: HK) and Range Resources (NYSE: RRC)–and underlines that all are potential takeover targets.

The deal also has positive implications for gas-focused services and contract drilling firms. With the majors entering this arena, demand for these key drilling services should rise. And majors’ spending tends to be less sensitive to short-term fluctuations in commodity prices. The most levered play in the portfolios in this regard is Gushers recommendation Nabors (NYSE: NBR), a contract driller that focuses on the high-tech rigs needed to drill shale plays like the Barnett.

I am also adding service major Baker Hughes (NYSE: BHI) to the Wildcatters Portfolio today. I will offer a more detailed write-up in this week’s regularly scheduled issue. Suffice it to say that Baker Hughes is in the process of buying BJ Services (NYSE: BJS), a service firm with concentrated exposure to fracturing, a key service used to produce unconventional natural gas.

I like the combination. Baker has a solid international presence and should be in a good position to sell BJs fracturing expertise to majors looking to develop foreign unconventional plays as well as existing North American gas shales. Buy Baker Hughes under USD45 with a stop at 33.90.