On January 29, 2016, Houston-based Haymaker Resources closed on the acquisition of mineral and royalty interests from certain affiliates of Oklahoma City-based Chesapeake Energy Corporation. The acquisition includes producing and non-producing mineral and royalty interests associated with over 8,500 wells across 24 states and 324 counties. The majority of production comes from the Mid-Continent, Haynesville, and Appalachia regions. Final closing price is subject to post-closing adjustments.
Haymaker CEO Karl Brensike said, “In the current market environment, operators are focusing on their core assets more than ever before. I think everyone can agree that there is nothing more non-core to an operator than owning non-operated royalty interests. This was a complex transaction, involving numerous business units formed over Chesapeake’s 30 years as a very active acquirer of premier oil and gas assets. I am proud of our team, which is uniquely capable of executing these types of transactions. We are fortunate to have a capital structure that allows us to continue acquiring aggressively throughout the current commodity cycle."
DLA Piper advised Haymaker on the transaction.
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seeking alpha had an article about a possible buyout/takeover yesterday, i realize this isn't a buyout but could this be the source of those buyout rumors?
This morning, on a stock blog, an individual was musing about whether he should buy 10 shares of CHK or go have a nice breakfast at McDonalds.
They cost the same.
Take a look at Brietling Energy. I saw early this AM that it traded for three cents a share down from 4 cents. I am pretty sure it probably is back up to four cents now but that is just an indicator in the oil patch. Chesapeake is just one of many examples, bigger than most but just a shaky.
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