SilverBow Resources Inc. has acquired Chesapeake Energy Corp.‘s remaining Eagle Ford assets for $700 million.
Chesapeake has agreed to sell approximately 42,000 net acres and approximately 540 wells in the condensate rich portion of its Eagle Ford asset located in Dimmit and Webb counties, along with related property, plant and equipment. Chesapeake anticipates the proceeds will be available to strengthen its balance sheet and for its share repurchase program.
RBC Capital Markets, Citi, and Evercore are serving as financial advisors, Haynes and Boone LLP is serving as legal advisor, and DrivePath Advisors is serving as communications advisor to Chesapeake.