At the end of 2013, Chief Oil & Gas and its working interest partners, Enerplus Resources (USA) and Tug Hill Marcellus, acquired MKR Holdings LLC from a subsidiary of Chesapeake Energy Corporation for about $500 million.
The acquired assets include current monthly production of approximately 130,000 MCFD and approximately 40 operated wells waiting on completion or pipeline connections as well as undeveloped acreage. The acquisition includes leasehold interests in Bradford, Lycoming, Sullivan, Susquehanna and Wyoming Counties in Pennsylvania.
Chief had existing working interests in many of these wells and will be increasing its ownership percentage in these and future wells as a result of the acquisition. Chief currently operates more than 100 wells in the Marcellus Shale and owns approximately 210,000 gross leasehold acres.
Haynes and Boone, LLP represented Chief in the transaction with a deal team led by Dallas corporate Partners Tom Harris and John McGowan. Assisting in the transaction were Dallas corporate Associates Kindal Kreamer and Brandon McCoy along with Dallas energy lawyer Michael Cooper. Tax advice was provided by New York Partner Sam Lichtman.
In-house counsel was Steve Haworth, Chief Oil & Gas senior vice president and general counsel.
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