Midstates Petroleum Co. Inc. (NYSE: MPO) is buying properties in the Anadarko Basin in Texas and Oklahoma for $620 million in cash, in the latest deal from the busy energy sector.

The Houston-based buyer came to a deal with Panther Energy LLC and its partners, Red Willow Mid-Continent LLC and LINN Energy Holdings LLC (Nasdaq: LINE) to buy the oil-producing and undeveloped properties.

The deal gives Midstates, an oil exploration and production company, about 140,000 more acres of land, and adds about 280 producing wells. Midstates plans to drill between 40 and 45 wells in the newly acquired land during 2013.

The deal is expected to close by May 31.

Midstates has secured $620 million in bridge loan commitments from Morgan Stanley Senior Funding Inc. and SunTrust Robinson Humphrey Inc. The lenders have also agreed to increase Midstates’ borrowing base under its revolving credit facility to $425 million when the deal closes.

Morgan Stanley & Co. LLC and SunTrust Robinson acted as Midstates’ financial advisers. Vinson & Elkins LLP provided legal counsel to Midstates.

Deals in the energy sector have been constant over the past few months. On April 3, Penn Virginia Corp. (NYSE: PVA) agreed to buy properties in the Eagle Ford shale play for $400 million, Ridgemont Equity Partners and Post Oak Energy Capital made a $100 million commitment to Titan River Energy LLC, a newly formed energy and gas company, and Spectra Energy Corp. (NYSE: SE) closed a $1.49 billion pipeline deal

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