Chaparral Energy Inc. agreed to acquire acreage in Kingfisher County, Okla., from a private seller for $60 million, according to a Dec. 27 news release.
The acquisition consists of 7,000 contiguous net acres in the core of the black-oil window of the STACK play in Kingfisher, which is 100% held by production and will provide the company with an 87% working interest. The acquired acreage would increase the company's core acreage in the area by 28% and its total STACK play acreage to about 117,000 net acres. The company would also gain 200 additional horizontal drilling locations in the Meramec and Osage formations.
The company on Dec. 21 also closed on a new $400 million credit facility, having an initial borrowing base of $285 million. Chaparral intends to use the credit facility to fund the acquisition, expected to close January 2018.