Newfield Exploration Company has signed a definitive purchase and sale agreement with a subsidiary of Chesapeake Energy Corporation to acquire approximately 42,000 net acres in the Anadarko Basin STACK play for $470 million. Akin Gump advised Newfield in the matter.

The transaction will have an effective date of April 1, 2016, and closing is subject to customary adjustments. Newfield expects to fund the transaction with cash on hand and closing is planned for the second quarter of 2016.

Michael Byrd, a partner in Akin Gump’s oil and gas practice, led the team advising Newfield Exploration. He was joined by counsel Rahul Vashi and associates Gonzalo Castro, Niki Roberts and Adam Garmezy. Tax partner Alison Chen assisted with tax advice. Newfield was represented internally by its deputy general counsel, Eric Hillerman, and senior legal counsel, Jonathan Curth.


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