HOUSTON (AP) - Gastar Exploration Ltd. is buying proven reserves and undeveloped leasehold interests in Oklahoma from Chesapeake Energy Corp. for $75.2 million.
The Houston-based oil and natural gas company on Monday also agreed to repurchase Chesapeake's shares of its stock for $9.8 million and to settle all litigation between the pair.
The acquisition includes 176 producing wells with an estimated present value of proved reserves of $32.4 million. The sites are in Kingfisher and Canadian counties in Oklahoma.
Gastar also agreed to repurchase from Chesapeake about 6.8 million shares of Gastar's stock at $1.44 per share. This is Chesapeake's entire stake in Gastar and is about 9.9 percent of Gastar's total outstanding stock.
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