The bid process has wrapped up and the winner announced for Okla. City-based Chesapeake Energy’s Mid-Continent assets, writing a new—some might say brighter—chapter to the E&P’s storied history following its Chapter 11 bankruptcy in April. Okla., neighbor Tapstone Energy sealed the winning deal for $130.5 million after its initial “Stalking Horse” offer of $85 million. More than 100 companies tossed their hats in the ring for a prize that includes about 736,000 acres in the Anadarko Basin producing an average 14,000 BOEPD. Upon filing for Chapter 11, Chesapeake carried a debt load of around $9 billion, which the company is working to slash with the goal to emerge from bankruptcy late next year. Tapstone, coincidentally, completed a financial restructuring of its own also in April and raised $50 million in an out-of-court reset to reduce debt and fuel its ability to pursue near-term acquisitions and potential mergers. Looks like it’s found one.
Tapstone Energy is a growth-oriented, independent oil and natural gas company focused on the development and production of oil, natural gas, and NGLs in the Anadarko Basin in Oklahoma, Texas and Kansas, while also maintaining a disciplined financial strategy.