FourPoint Acquires Assets | Russell T. Rudy Energy LLC
In 2012 Apache Corporation purchased Cordillera Energy Partners III, LLC. The Cordillera leadership team then formed FourPoint Energy, LLC. Now, “Rigzone” reports that FourPoint is purchasing 250,000 net acres, primarily in Roger Mills and Ellis Counties in Western Oklahoma from Chesapeake Energy. Included are 1,500 wells producing 21,500 barrels of oil equivalent per day from the Cleveland, Tonkawa and Marmaton formations in the Western Anadarko Basin. With this purchase, FourPoint now has over 400,000 acres in the area.
Chesapeake is selling the assets to FourPoint for $840 million, $619 million of which will be financed through the sale of equity to GSO Capital Partners. The balance will be financed via existing credit facilities. The sale is expected to close on August 31.
To read the article in its entirety, please go to http://www.rigzone.com/news/oil_gas/a/139439/FourPoint .
