Denver-based FourPoint Energy LLC said it will continue to look for more transactions to beef up its onshore portfolio after tripling its staff and offices through its buyout of Chesapeake Energy Corp.'s remaining Anadarko Basin properties.
The privately held exploration company, which clinched the deal with Chesapeake in February, used proceeds from equity to pay $385 million for the natural gas-weighted properties, which include an interest in nearly 3,500 producing wells in the Granite Wash, Missourian Wash, Upper/Lower Cleveland and Tonkawa formations (see Shale Daily, Feb. 24). The assets cover 473,000 net acres, within 15 counties in Western Oklahoma and the Texas Panhandle and are 98% held by production.
As part of the transaction, FourPoint took over Chesapeake field offices in Elk City, OK, and in Borger and Shamrock, TX. FourPoint also hired more than 90 former Chesapeake employees to join its existing field staff of 42. Including FourPoint's current field office in Woodward, OK, the company plans to manage its field operations from all four locations.
FourPoint's Western Anadarko footprint now boasts close to 900,000 net acres with production of 435 MMcfe/d net. As the process to integrate the assets is underway, management said it would "continue to focus on growth through an active development program and through additional acquisitions," management said.
The company, which focuses on the Anadarko and Permian basins, was founded by the leadership team of the former Cordillera Energy Partners, which was sold to Apache Corp. in 2012 (see Shale Daily, Aug 12, 2013; Jan. 24, 2012).