Tapstone Energy Wins Chesapeake’s Midcontinent Assets in Bankruptcy Auction

Chesapeake Energy Corp. has sold its massive Oklahoma asset position to Tapstone Energy LLC for $130.5 million. 

Both Oklahoma City producers reached a deal after Tapstone successfully bid for the assets during a bankruptcy auction last week. Tapstone had been selected as the stalking horse bidder last month, when the U.S. Bankruptcy Court for the Southern District of Texas approved the sale.

The sales includes more than 700,000 net acres covering a wide variety of producing formations in west and northwest Oklahoma. Tapstone is focused on the Anadarko Basin in Oklahoma, Texas and Kansas. Its core assets are located in Oklahoma’s unconventional STACK play, aka the Sooner Trend of the Anadarko Basin, mostly in Canadian and Kingfisher counties. It also has mature legacy assets...