Gastar Exploration To Become Chisholm Oil And Gas Through Merger

Gastar Exploration and Chisholm Oil and Gas, both of which are private equity backed, agreed to combine holdings in the Oklahoma Stack play for undisclosed terms.

Emily

Patsy

HartEnergy.com

Wed, 06/19/2019 - 07:55 AM

Gastar Exploration To Become Chisholm Oil And Gas Through Merger

Gastar Exploration, once a publicly traded E&P, emerged as a private company backed by Ares Management following the completion of its restructuring agreement in January. (Source: Hart Energy)

Months after emerging from bankruptcy, Gastar Exploration LLC has agreed to merge with fellow private operator in the Oklahoma Stack play, Chisholm Oil and Gas LLC.

The private equity backed companies unveiled the strategic combination for undisclosed terms in a joint press release on June 19. The combined company is set to operate under the Chisholm Oil and Gas name and be headquartered in Tulsa, Okla., following completion of the transaction slotted for third-quarter 2019.

Together, the companies expect to become a leading Stack E&P company with net production of about 20,000 barrels of oil equivalent per day. The companies combined acreage position will total roughly 165,000 net acres, primarily in Kingfisher County, Okla.

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Emily Patsy

Emily Patsy is the associate managing editor for Hart Energy’s Digital News Group. She's responsible for the daily news flow and also manages the A&D Watch and Energy Pulse weekly newsletters.

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