Energy & Exploration partners buy Chesapeake Woodbine holdingsApril 15, 2013
A. Lee Graham
Energy & Exploration Partners Inc. of Fort Worth has acquired 57,275 net acres and 11 producing wells in the Woodbine-Eagle Ford play in East Texas from a subsidiary of Chesapeake Energy Corp.
The transaction was financed with by senior unsecured notes to Highbridge Principal Strategies and Apollo Investment Corp.
"Energy & Exploration is pleased to have partnered with Highbridge and Apollo to acquire Chesapeake's Woodbine acreage," said Hunt Pettit, founder and CEO of Energy & Exploration Partners, commenting in a news release.
"We plan to commence a two-rig drilling program on the acreage acquired from Chesapeake," Pettit said.
Energy & Exploration Partners owns an additional 14,600 net acres in the Woodbine-Eagle Ford play. The Fort Worth company locates, develops, produces and markets oil and natural gas in Texas and the Rocky Mountains. More information is available at www.enexp.com.