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Canaan Resources Selling Arkoma Basin Assets

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June 26, 2014

For the sale of its shallow Arkoma Basin assets, the private-equity firm Canaan Resources LLC retained the investment banking firm Energy Capital Solutions LLC, the company said June 26.

The assets sit on 64,144 HBP net acres across Haskell, Hughes, McIntosh and Pittsburgh counties, Okla. and contain 560 producing wells. These produce 11 million cubic feet equivalent per day (MMcfe/d), Canaan said. The assets mainly produce from the Hartshorne Coal Formation between 2,000 and 2,500 feet, the company said. There is also production in the Bartlesville, Booch, McAllister and Savanna ...

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