Covey Park Announces Acquisition of Additional Haynesville Assets from Chesapeake Energy for $465 M

Oil and Gas - Feb 16, 2017

Covey Park Energy LLC, a Dallas, Texas-based independent oil and gas exploration and production company, announced today the closing of the acquisition of additional assets located in the Haynesville shale area of North Louisiana from Chesapeake Exploration, LLC and related companies (“Chesapeake”) for $465 million.

Covey Park funded a portion of the Chesapeake acquisition with additional equity investments from its existing investor Denham Capital, as well as incremental debt commitments from its core lender group. To fund the balance of the acquisition and to support growth initiatives, Covey Park issued preferred equity to Magnetar Capital, KKR (through the Energy Income & Growth Fund) and Triangle Peak Partners. Wells Fargo acted as financial advisor to Covey Park.

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Source : Covey Park Energy LLC

Published on Global Energy World: Feb 16, 2017