Gastar in acquisition deal with Chesapeake Energy

By: From Wire Reports
By: From Wire Reports

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.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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