Corterra Energy Acquires 26,000 Acres in Arkoma Basin for $68 Million, Oklahoma
Published: October 13, 2017 |
Corterra Energy, LLC, an independent exploration and energy production company headquartered in Tulsa, Oklahoma, and backed by White Deer Energy, has closed on an acquisition of 26,000 net acres and interest in over 400 producing wells in the Arkoma Basin.
The company acquired the assets from Oklahoma City-based Continental Resources, Inc. for $68 million. With this purchase, Corterra has built a contiguous position of nearly 70,000 net acres in Oklahoma’s Atoka, Coal, Hughes and Pittsburg counties.
“Our team is excited to announce this sizeable acquisition. We look forward to capturing the upside potential of this asset through production optimization and exploitation drilling. With the integration of the Continental acquisition, we have built a premier asset in the liquids-rich portion of the Arkoma Woodford Shale play,” said Corterra’s CEO Valerie Mitchell.
“We are delighted with the Continental purchase, the Corterra management team, and all they have accomplished in their first year. They have built a great position in a major Oklahoma basin that delivers quality inventory and returns,” said Thomas J. Edelman, Managing Partner of White Deer.
About Corterra Energy
Corterra Energy was founded in 2016 and led by industry veterans, Corterra Energy, LLC is an independent exploration and energy production company headquartered in Tulsa, Oklahoma with operations in the Midcontinent region of Oklahoma.
To stop by Corterra Energy’s website, CLICK HERE
About White Deer
White Deer Energy, founded in 2008, is an energy focused private equity firm targeting middle market energy investments in oil and gas exploration and production, oilfield service and equipment manufacturing and the midstream sectors of the energy business. White Deer manages over $2.2 billion in assets and has offices in Houston and New York.
To stop by White Deer’s website, CLICK HERE
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