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White Star Adding to Midcontinent Position in Three Deals

Oklahoma City-based independent White Star Petroleum LLC said Tuesday it is adding roughly 49,000 net acres to its position in the Midcontinent through three separate transactions.

The acquired acreage averaged 2,530 boe/d during 2H2016 and is located primarily in Dewey, Garfield, Logan, Noble and Payne counties, Oklahoma, the exploration and production company said.

The first of the three deals, with Double Eagle Energy Oklahoma LLC, closed Nov. 30 and adds about 12,000 net acres to White Star's Mississippian Lime and Woodford Shale position in Central Northern Oklahoma.

The second transaction, with Lighthouse Oil & Gas LP, closed March 14 and saw White Star add roughly 18,500 acres in the Anadarko Basin in Western Oklahoma, including development targets in the Cleveland, Tonkawa and Cottage Grove formations, the company said.

White Star has also reached an agreement to acquire roughly 18,500 acres from Sundance Energy Inc. that includes operated and nonoperated wells in Garfield, Logan, Noble and Payne counties. That transaction, subject to conditions, is expected to close in 2Q2017.

"These transactions signify another step in White Star's strategic plan, positioning the company for continued growth and value creation with an expanded, diversified footprint in the Midcontinent region," CEO Elliot Chambers said.

White Star, renamed from the American Energy-Woodford LLC business founded by the late Aubrey McClendon, holds more than 400,000 net acres in Central Northern Oklahoma. Last year White Star paid $200 million to Devon Energy Corp. for a package of Mississippian Lime/Woodford Shale assets.

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