Houston Chronicle Anadarko sells off 111,000 acres in Eagle Ford for $625M 1 / 1 Back to Gallery Pivoting away from South Texas, Anadarko Petroleum is selling 111,000 acres of land in the Eagle Ford for $625 million to WildHorse Resource Development.
Anadarko sells off 111,000 acres in Eagle Ford for $625MPhoto: Houston Chronicle Image 1 of / 1 Caption Close Image 1 of 1 Two employees work on an Anadarko oil well in West Texas.
The company announced Thursday that it is selling $625 million of Eagle Ford acreage.
Two employees work on an Anadarko oil well in West Texas.
Anadarko will get $556 million in cash, while Kohlberg Kravis Roberts & Co. will receive 6.3 million shares of WildHorse valued at $69 million.
as declared in Between January and March, WRD brought online seven net Eagle Ford wells, including the Altimore No.
WRD said it has identified 949 net Eagle Ford locations and 22.9 million boe of proved developed producing reserve.
Anadarko in January sold its South Texas Eagle Ford assets.
Houston-based WildHorse Resource Development Corp. (WRD) has struck a $625 million deal to acquire 111,000 net acres and associated production in the Upper Eagle Ford Shale of East Texas.
In addition, WRD recently completed its second Eagle Ford refracture test with several more planned this year.
WildHorse acquires Eagle Ford properties
as declared in The deal, securing 949 net Eagle Ford locations, is expected to close around the end of June, taking effect on January 1, 2017.
The acquired properties had net production of 7,583 barrels of oil equivalent per day in the fourth quarter of 2016, WildHorse said.
RELATED: WildHorse Resource Development prices IPO shares, proceeds to complete Eagle Ford buy“With a total of 385,000 net acres, we have built a premier contiguous acreage base making us the second largest operator in the entire Eagle Ford trend,” chief executive Jay Graham said in a statement.
WildHorse Resource Development said it acquired approximately 111,000 net acres and associated production from Anadarko Petroleum Corporation and Kohlberg Kravis Roberts & Co. L.P. for $625 million, subject to closing conditions.
The acreage is in Burleson, Brazos, Lee, Milam, Robertson, and Washington Counties, located next to the company’s existing acreage position.