Diversified Finds a New Home in the Anadarko

Diversified Finds a New Home in the Anadarko

While late-year M&A activity in the Permian and Eagle Ford is in full swing, the acquisitions dance on our home turf is also getting a twirl. Reese Energy Consulting today is following the first of two recent oil and gas deals in Okla., where drilling has steadily ramped up as of late with 41 rigs at work—an increase of 241.7% over the same time last year. First up is Okla. City-based Tapstone Energy, the state’s largest leaseholder and mineral rights owner operating primarily in the Anadarko Basin. And that’s exactly where Birmingham, Ala.-based Diversified Energy is looking to…well, diversify its natural gas production. For 20 years, Diversified has operated solely in the Marcellus and Utica, producing gas, NGLs, and oil from 67,000 conventional and unconventional wells. Now, with a new expansion strategy in place to repeat its Appalachian business model in the Mid-Continent, Diversified will purchase Tapstone for $419 million. The deal includes 750,000 acres of mineral rights, 3,900 wells, and 25 MBOED in production with 80% in gas.

What do you think? Learn more about REC and our range of natural gas and NGLs marketing services at www.ReeseEnergyConsulting.com.

Tapstone Energy

Diversified Energy

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Chief Among Them

Chief Among Them

In a 2019 article for D Magazine, Texas Wildcatter Trevor Rees-Jones self-described as “one of the hardest-headed people in the world,” crediting his stubborn streak for seeing him through the worst of oil and gas times. He launched Chief Oil & Gas in the late 90s, arriving early in the Barnett Shale which soon became the center of one of largest oil booms in U.S. history. Within eight years, Chief became the second-largest operator and fracker in the Barnett, and in 2006 Rees-Jones sold his assets there for $2.63 billion. Then, the mighty Marcellus called his name. Reese Energy Consulting today is following the latest news surrounding Chief Oil & Gas—one of the nation’s largest privately-owned gas producers—now said to be exploring a sale of its Marcellus position for more than $3 billion. Assets include 600,000 acres in northeastern Pa., and 1+ BCFD—more than 1% of all U.S. gas supply. Right timing seems to follow this former bankruptcy attorney who traded a court docket for a drilling rig, and we can’t wait to see where he lands next.

What do you think? Learn more about Reese Energy Consulting and our natural gas expertise and services at www.ReeseEnergyConsulting.com.

Chief Oil & Gas

Chief Oil & Gas is a company founded in Dallas, Texas in 1994 by Trevor Rees-Jones. Its primary holdings of natural gas were developed in the core areas of the Barnett Shale in Tarrant County, Denton County and Parker County.

www.chiefog.com

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