Energy & Exploration Partners, a Fort Worth-based producer, said Monday it acquired 57,275 net acres and 11 producing wells in East Texas from Chesapeake Energy. The company is backed by Apollo Investment Corp. and Highbridge Principal Strategies, which were issued notes in connection with the transaction. The acreage is in Madison and Grimes counties, which are between Huntsville and College Station. Energy & Exploration Partners said it has an additional 14,600 acres in the area, and it plans to acquire 330 square miles of 3D seismic. CEO Hunt Pettit said the company plans "to commence a two-rig drilling program on the acreage acquired from Chesapeake."
According to its news release on the acquisitions, Energy & Exploration Partners said it has interests in West Texas and the Rocky Mountains.
-- Jim Fuquay