Gastar in acquisition deal with Chesapeake Energy

Monday, April 01, 2013

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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