Chaparral Energy to acquire Calumet Oil

By OGJ editors
HOUSTON, Sept. 20 -- Chaparral Energy Inc. plans to acquire Calumet Oil Co. and certain affiliates for $510 million. The transaction involves production of 4,600 boe/d and proved reserves of 309 bcf of gas equivalent.

Chaparral of Oklahoma City said the acquisition fits with its existing enhanced oil recovery program. Calumet's properties are mainly in Oklahoma and Texas, including assets in the North Burbank oil field.

North Burbank is in the early phases of an EOR polymer flood. Chaparral plans to include carbon dioxide injection, return more than 400 wells to production, and perform horizontal infill drilling in the tighter portion of the Bartlesville reservoir.

The transaction is expected to close in the fourth quarter.

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