Edit ModuleShow Tags

Chesapeake Energy Corp. Completes Acquisition


Published:

Chesapeake Energy Corp. has completed its previously announced acquisition of Mid-Continent, Permian Basin, South Texas and onshore Gulf Coast natural gas assets from privately-owned Concho Resources Inc. for $420 million.

In addition, the company has completed the previously announced acquisition of two smaller producing property packages totaling $90 million.

Based on internal reservoir engineering estimates, Chesapeake believes that through these three transactions it has acquired approximately 320 billion cubic feet of gas equivalent (bcfe) of proved gas reserves, approximately 195 bcfe of probable and possible gas reserves and current production of approximately 70 million cubic feet of natural gas equivalent (mmcfe) per day. The acquisitions were funded 60% with common equity issued in January 2004 and 40% from cash on hand and borrowings from the company's revolving bank credit facility.

Edit ModuleShow Tags

Archive »Archive »

GE’s CNG In A Box Finds Home In Colorado CNG Station

Weld County, Colorado, welcomed its seventh public compressed natural gas (CNG) station, which is also the first in the area to feature GE’s CNG In A Box modular system, according to Sparq Natural Gas.

EIA: Most Locations See Nat Gas Price Drop

Natural gas spot prices dropped at most locations during the July 13 to July 20 report week, according to the U.S. Energy Information Administration (EIA).

Petrobras Looks To Scale Back

Petrobras, a Brazilian oil corporation, plans to sell or share control of its pipelines and open its liquefied natural gas (LNG) terminals to third parties as part of a plan to scale back its role in the state’s natural gas industry.

J-W Energy Exits Midstream, Upstream Markets

J-W Energy Co. has sold all of its oil and gas and midstream assets to affiliates of Aethon United LP, signaling an end to the company’s run in the upstream and midstream markets.

Siemens To Power The Missing Link

Siemens received an order from the Trans Adriatic Pipeline consortium for six, 15 MW turbo compressor trains. The equipment will be used in the Trans Adriatic Pipeline (TAP), which is part of the Southern Gas Corridor in Europe.