Energy & Exploration Partners Inc. on Monday said in a filing with U.S. regulators that it intended to raise up to $275 million through an initial public offering (IPO) of its common stock. In conjunction with the filing, the producer said it had agreed to buy acreage in the Eaglebine formation of Texas from Chesapeake Energy Corp. for $125 million.

The Fort Worth, TX-based producer said in a preliminary prospectus that it had agreed to acquire 57,275 acres from subsidiaries of Chesapeake. Proceeds raised through the IPO would be used for the acquisition-related expenses and capital expenditures.

Once the IPO is completed, the company’s common stock would be listed on the New York Stock Exchange under the symbol “ENXP.” The filing did not indicate how many shares are to be sold or their expected price.

The company has amassed sizable positions in three areas: the Permian Basin, Denver-Julesburg Basin and in East Texas. It is led by founding partner Hunt Pettit, who previously was the contract land manager for David H. Arrington Oil & Gas Inc.’s Barnett Shale program from 2005 through 2007. CFO Brian C. Nelson ran financial operations for Great Western Oil & Gas from 2010 to 2011, and he previously was vice president of finance for ATP Oil & Gas. David L. Patty Jr., vice president of land and business development, previously was a landman for Arrington, as well as for Quicksilver Resources Inc. and DLP Resources LLC.

Canaccord Genuity and Johnson Rice & Co. LLC are lead underwriters of the IPO.

Chesapeake is in the process of divesting many of its noncore assets to pare debt and to reduce capital spending commitments. CEO Aubrey McClendon earlier this month reiterated the company’s commitment to sell $13-14 billion of assets this year (see Shale Daily, Sept. 7).