FORT WORTH, Texas, April 15, 2013 /PRNewswire/ -- Energy & Exploration Partners, Inc. ("ENXP"), announced it has acquired 57,275 net acres and 11 producing wells in the Woodbine/Eagle Ford play in East Texas from a subsidiary of Chesapeake Energy Corporation. In connection with the transaction, Energy & Exploration Partners issued senior unsecured notes to Highbridge Principal Strategies and Apollo Investment Corporation (AINV).
"Energy & Exploration is pleased to have partnered with Highbridge and Apollo to acquire Chesapeake's Woodbine acreage," said Hunt Pettit, Founder and CEO of Energy & Exploration Partners. "We plan to commence a two-rig drilling program on the acreage acquired from Chesapeake."
The Woodbine/Eagle Ford play in East Texas is an emerging unconventional resource play with multiple prospective targets, including the Woodbine sandstone, Eagle Ford shale and Lower Cretaceous formations of the Buda, Georgetown, Edwards and Glen Rose.
Energy & Exploration Partners owns an additional 14,600 net acres in the Woodbine / Eagle Ford play. A 330 square mile 3D seismic acquisition is underway over the majority of the acreage owned by the company in Madison and Grimes Counties, Texas.
This press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements involve certain risks and uncertainties, including, among others, risks impacting the ability of ENXP to complete any public offering of its securities because of general market conditions or other factors. ENXP undertakes no obligation to publicly update or revise any forward-looking statement.
Energy & Exploration Partners is a private, independent Fort Worth, Texas based company with interests in oil and gas wells and properties in Texas and the Rocky Mountains of the US.
Energy & Exploration Partners, Inc.
Brian C. Nelson
Executive Vice President and Chief Financial Officer