Energy & Exploration Partners Inc. has bought 57,275 net acres and 11 producing wells in the Woodbine/Eagle Ford play in East Texas from a subsidiary of Chesapeake Energy Corp. (NYSE: CHK) for an undisclosed amount.
To finance the acquisition, Energy & Exploration Partners issued senior unsecured notes to Highbridge Principal Strategies and Apollo Investment Corp. (Nasdaq: AINV).
The company plans to commence a two-rig drilling program on the acreage acquired from Chesapeake, said Hunt Pettit, Energy & Exploration Partners' found and chief executive, in the release.
The Woodbine/Eagle Ford play in East Texas is an emerging unconventional resource play with multiple prospective targets, including the Woodbine sandstone, Eagle Ford shale and Lower Cretaceous formations of the Buda, Georgetown, Edwards and Glen Rose.
Energy & Exploration Partners owns an additional 14,600 net acres in the Woodbine/Eagle Ford play. A 330 square mile three-dimensional seismic acquisition is underway over the majority of the acreage owned by the company in Madison and Grimes counties, Texas.
Energy & Exploration Partners Inc. is a private, independent company with interests in oil and gas wells and properties in Texas and the Rocky Mountains. The company is based in Fort Worth, Texas.
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