By OGJ editors
HOUSTON, Apr. 13 -- Chesapeake Energy Corp. has agreed to acquire natural gas properties from four privately owned companies in four transactions that total $686.4 million.
The sellers are Laredo Energy II LLC and its partner Pecos Production Co., both of Houston, Rubicon Oil & Gas I LP, Midland, and an independent Dallas oil and gas company that Chesapeake did not identify.
The assets being acquired are in South Texas, East Texas, and the Permian basin.
The properties include 61 MMcfed of production from 405 existing wells. Chesapeake said it is acquiring an estimated 289 bcf of gas-equivalent of proved reserves and 277 bcf of gas-equivalent probable and possible reserves.
The Oklahoma City independent identified 276 proved undeveloped and 375 probable and possible drillsites. One deal has closed, and the other three closings are expected by May 31.
