Gastar Exploration Ltd. (GST) Monday said it has entered into a definitive agreement to acquire proven reserves and undeveloped leasehold interests in Kingfisher and Canadian counties, Oklahoma from Chesapeake Energy Corp. (CHK), buy back Chesapeake's common shares of the company and settle all litigation for $85 million.
The acquisition includes drilling rights omin about 157,000 net acres that adjoin Gastar's existing Mid-Continent acreage and around 2.8 MMBoe of proven reserves. The transaction is expected to close on or before June 7, with a property purchase effective date of October 1, 2012.
Included in the transaction are 176 producing wells, of which half will be operated by Gastar, with an estimated present value of proved reserves of $32.4 million, holding around 19 percent of the acreage by production. Current net daily production is approximately 177 Bbls of crude oil, 54 Bbls of NGLs and 3.5 MMcf of natural gas.
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