Read our e-book to learn more about the Tax Benefits of Oil & Gas Investments and how they can help reduce your tax liabilities. Click here!

FourPoint to buy Chesapeake’s remaining western Anadarko….02/25/2016

FourPoint to buy Chesapeake?s remaining western Anadarko basin assets

HOUSTON, Feb. 24
By OGJ editors

Private independent FourPoint Energy LLC, Denver, reported signing a definitive agreement to acquire all of Chesapeake Energy Corp.?s remaining western Anadarko basin oil and gas assets for $385 million.

The assets to be acquired include an interest in nearly 3,500 producing wells primarily in the Granite Wash, Missourian Wash, Upper and Lower Cleveland, and Tonkawa formations. The production mix is 67% natural gas and 33% oil and natural gas liquids. The assets cover 473,000 net acres, within 15 counties in western Oklahoma and the Texas Panhandle and are 98% held by production.

The closing of the acquisition, which is expected to occur on April 29, is subject to customary conditions to closing. FourPoint will assume full operations of the assets at closing. The properties closely overlap FourPoint?s current acreage footprint, the company said.

Pro forma for the acquisition and prior to customary post-closing adjustments, FourPoint?s footprint will exceed 884,000 net acres with net production estimated at 435 MMcfd of gas equivalent from more than 7,600 gross wells, with 40% of the production coming from oil and NGLs.

Online Article Here