Dallas-based Chief Oil & Gas and partners Enerplus and Tug Hill have made a $500 million acquisition from Chesapeake Appalachia LLC for Pennsylvania shale gas assets, according to a news release.
"With this acquisition we have significantly expanded our operational footprint in the northeastern Pennsylvania region," Sam Fragale, Chief's senior vice president of operations, said in a statement about the acquisition from Chesapeake of MKR Holdings LLC.
Chief had an existing working interest in many of the wells, and the move will increase its ownership percentage, the release stated.
The deal includes leasehold in Bradford, Lycoming, Sullivan, Susquehanna and Wyoming counties.
Chief currently operates more than 100 Marcellus Shale wells and owns about 210,000 gross leasehold acres.
Previously, the company announced a lease acquisition of about 5,000 acres in Bradford, Lycoming, and Sullivan counties and said it planned to increase from four the number of drilling rigs it has in the region.