Haymaker Closes $128M Acquisition of Chesapeake' (CHK) non-Operated Royalty Portfolio

February 23, 2016 7:00 AM EST

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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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