“Chaparral Energy Announces Bolt-on STACK Play Acreage Acquisition in Kingfisher County, Oklahoma”
Chaparral Energy, Inc. (OTCQB:CHPE) announced today that it has entered into a definitive purchase agreement to acquire acreage in Kingfisher County, Oklahoma, from a private seller for $60 million in cash, subject to customary post-closing adjustments.
In addition to the acquisition, the company also closed on a new $400 million credit facility on December 21, 2017, with an initial borrowing base of $285 million, which represents a $60 million increase compared to its previous borrowing base. Chaparral plans to use the credit facility to finance the STACK acquisition, which is expected to close in January 2018.
Thompson & Knight LLP served as legal counsel to Chaparral for the acquisition.