Newspaper article THE JOURNAL RECORD

Chesapeake Energy Buys Tulsa-Based BRG Petroleum for $325 Million

Newspaper article THE JOURNAL RECORD

Chesapeake Energy Buys Tulsa-Based BRG Petroleum for $325 Million

Article excerpt

Chesapeake Energy agreed to purchase Tulsa-based BRG Petroleum for $325 million, increasing Chesapeake's production forecast by 2.8 percent next year and 4.3 percent in 2006.

Chesapeake officials said in a statement issued Monday that BRG's presence in northwest Oklahoma's Sahara region would strengthen Chesapeake's existing operation there. Since 1998, Chesapeake has acquired control of more than 500,000 net acres in the area.

To date, we have drilled more than 600 wells in this area and we believe we can drill approximately 2,500 additional wells in the next five to 10 years, said Chesapeake's Chief Executive Officer Aubrey K. McClendon.

Chesapeake will also get 37,000 net leasehold acres in Nacodoches County, Texas, where BRG has drilled more than 75 wells. Chesapeake said it would drill more than 600 wells there, expecting virtually no dry-hole risk.

The acquisition will give Chesapeake at least 213 proved, undeveloped sites and 420 probable and possible sites, increasing the company's oil and gas reserves to an estimated 4. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.