FourPoint Energy LLC signed a definitive agreement to acquire all of Chesapeake Energy Corp.’s (NYSE: CHK) remaining Western Anadarko Basin oil and gas assets for $385 million, Denver-based FourPoint said Feb. 24.

For Chesapeake it is the second announced acquisition in two days following its affiliates’ divestiture of mineral and royalty interests to a private company for $128 million. The company, which has large amounts of debt maturing through 2017, said Feb. 24 that it is targeting up to $1 billion in asset divestitures in 2016.

The assets to be acquired include an interest in nearly 3,500 producing wells primarily in the Granite Wash, Missourian Wash, Upper and Lower Cleveland and Tonkawa formations.

Production is about 67% natural gas and 33% oil and NGL. The assets cover about 473,000 net acres in 15 counties in Western Oklahoma and the Texas Panhandle and are 98% HBP.

George Solich, president and CEO of FourPoint, said the acquisition will significantly increase its position in the Western Anadarko Basin and give the company greater operatorship and capital control.

“The properties to be acquired create visibility into decades of development growth and closely overlap FourPoint’s current acreage footprint,” Solich said. “By optimizing our position we enhance optionality in drilling inventory allowing us to target the best upside locations that achieve the most economic rates of return.”

“As the markets continue to remain volatile, acquiring an attractive producing asset that will significantly increase our current asset base while providing a stable cash flow profile should give FourPoint the financial flexibility to modify and adapt our development plan,” said Tad Herz, FourPoint executive vice president and CFO, said.

FourPoint’s last disclosed location was also a purchase of Chesapeake assets in the Anadarko Basin, including about 1,500 producing wells.

At the time, the deal, valued at $840 million, was the largest disclosed transaction by a private, independent E&P in 2015. The acquisition consisted of more than a quarter-million acres primarily in the Cleveland, Tonkawa and Marmaton formations in Roger Mills and Ellis counties, Okla.

RELATED: Big Leagues: FourPoint Buys Chesapeake’s Cleveland, Tonkawa, Marmaton Assets

Jefferies LLC was financial adviser and Andrews Kurth LLP was legal adviser to FourPoint Energy in connection with the transaction. The closing of the acquisition, which is expected to occur on April 29, is subject to customary conditions to closing. FourPoint will assume full operations of the assets at closing.

Houston’s Haymaker Resources said Feb. 23 it closed on an acquisition of Chesapeake interests that includes producing and non-producing interests associated with more than 8,500 wells across 24 states and 324 counties.

Emily Moser contributed to this report. Darren Barbee can be reached at