Chesapeake Energy Corp. (NYSE: CHK) peeled off another piece of its Oklahoma holdings, selling 12,000 net acres in the vaunted Scoop Play to a Kayne Anderson backed company.

Casillas Petroleum Resource Partners LLC, a partnership between Tulsa’s Casillas Petroleum Corp. and Kayne Anderson Energy Funds, said it closed in April with Chesapeake for $106 million.

The assets include an interest in 260 producing wells that are 100% HBP in Garvin, Grady and McClain counties, Okla. State data shows wells Chesapeake controls in those counties produced half a billion cubic feet per day (Bfc) of gas in January.

The purchase continues two trends: Chesapeake’s willingness to eject Oklahoma assets and private equity’s appetite for gas assets.

About 80% of the top E&P purchases made in the first quarter of 2016—roughly $3.9 billion in deals—were made by private companies, most of which bought gas assets.

Chesapeake made dealsin August and April worth a collective $1.2 billion to sell assets primarily in Oklahoma to privately-backed FourPoint Energy LLC.

It’s most recent divestiture adds to the tally as Chesapeake continues its campaign to reduce debts and trim its portfolio.

On April 11, analysts said Chesapeake may have staved off a potential bankruptcy when lenders affirmed the company’s $4 billion borrowing base. Chesapeake owes $10 billion and has sold hundreds of thousands of acres in the past two years.

Casillas did not disclose production data and did not immediately respond to questions about volumes and potential locations.

In January, Chesapeake Operating LLC had production of 17.2 million MMcf/d in Garvin, Grady and McClain, Oklahoma Corporation Commission statistics show. The three counties included 214 wells, 37 of which recorded no production.

None of the Chesapeake’s wells produced oil in those counties in 2016 or last year.

Greg Casillas, president and CEO of Casillas said the acquisition is a foundation to build a significant operated position in one of the top-tier resource plays in the Lower 48.

“The HBP nature of the asset gives us optionality as we navigate through this commodity cycle; however, we are excited about the immediate development potential we see in the Woodford and Springer shales,” he said. “Additionally, we are extremely pleased to be partnering with Kayne Anderson on this venture. Kayne’s expertise as a capital provider and their extensive knowledge of the industry will be an essential component to the successes of Casillas in the years to come.”

Casillas Petroleum is a private, family-owned business focused on domestic exploration, development and production of oil and gas.

“We are very excited to form a partnership with Casillas as we have been thoroughly impressed with the team’s ability to evaluate and successfully exploit oil and gas assets. The Casillas management team has spent the vast majority of their careers operating and developing assets in the Midcontinent region and we believe this acquisition provides an excellent platform for the team to deploy their technical expertise and create value in this commodity price environment,” said David Habachy, managing director at Kayne Anderson.

The transaction has an effective date of Oct. 1, 2015, and will be subject to customary post-closing adjustments.

Darren Barbee can be reached at dbarbee@hartenergy.com.