Casillas Petroleum purchased 12,000 net acres from Chesapeake. In January, a Chesapeake subsidiary produced at least 17.2 MMcf/d on the acreage.
Corporate restructuring is a reality of today’s oil and gas landscape. As balance sheet and liquidity problems hit home, some companies have to consider drastic strategies.
Texegy LLC acquires working interest in Swift's Louisiana assets while note holders take control of the virtually all of the company's equity. The company holds 77,000 gross acres in the Eagle Ford Shale.
Though financial details of its deal will remain undisclosed, the sale of 19 GoM fields aids Chevron’s efforts to reach up to $10 billion in divestitures by year-end 2017.
Callon has entered transactions to boost its position in the Midland Basin to about 34,000 net surface acres, including a new core operating area in one of the basin’s hot spots.
Borrowing bases will take a hit of more than 30% this spring, putting pressure on highly-leveraged companies to free up liquidity, which should improve the quality of assets coming to market.