TULSA, Okla.–Casillas Petroleum Resource Partners, LLC, a partnership between Casillas Petroleum Corp. and Kayne Anderson Energy Funds, announced today that it has closed on the purchase of certain oil and gas assets owned by Continental Resources, Inc., (CLR) in the SCOOP play in Oklahoma for an adjusted purchase price of $294 million. The assets include net production of 550 barrels of oil equivalent per day and approximately 30,000 net acres (90% HBP) in Garvin, Grady, and McClain counties.
Greg Casillas, President and CEO of Casillas, said, “This bolt-on acquisition is an excellent strategic fit for Casillas as we continue to build a highly contiguous, HBP and operated position in the SCOOP. Casillas’ footprint has grown to over 42,000 net acres, yielding immediate development potential in the Woodford and Springer shales with tremendous upside in multiple horizons that have produced vertically in the area for decades. With the integration of the Continental acquisition, we have built a premier asset in a high-margin repeatable resource play that can’t be replicated in the SCOOP.”
This acquisition is more than double the size, both in acreage and price, that Casillas paidChesapeake Energy Corp., back in May of this year, when it purchased 12,000 net acres for $106 million, which was all held by production. The transfer of operator records at the Oklahoma Corporation Commission (OCC) indicate there were 162 wells involved in that sale.
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