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Apache Corporation to acquire Cordillera Energy Partners III, LLC


Apparently little league is not the only place where everybody wins.  Forget about the participation trophies and snow cones, we’re talking big bucks here and prime acreage in one of the most attractive and highest return onshore basins to boot.  So what exactly is at stake in the acquisition?  Well, the $2.85 billion deal entitles Apache Corp. to 254,000 net acres in a liquids rich stacked fairway in the Western Anadarko Basin of the Texas Panhandle and in western Oklahoma.  In addition to more than 14,000 potential locations, Apache will have the opportunity to purchase $100 million in additional acreage.  Apache already has 233,000 net acres in the play giving the company a total of 487,000 net acres.

Here a couple of maps showing active Apache and Cordillera leases in the play using Drilling Info.

This acquired section includes more than 60 productive horizons across a mile of vertical section.  Here is a profile of the more prominent formations.

In terms of production, Apache will gain 18,000 boe/d net production with 88 Mmboe proved reserves, including NGLs.  Using DI Desktop, I have attached a map highlighting Cordillera wells in the play.  These wells are bubbled by daily oil production and colored by target formation.

Apache will pay $2.25 billion in cash and $600 million in shares of common fixed stock.  The deal is estimated to close by early second quarter 2012.

For more information on this and other news visit the Granite Wash Folder of Drilling Info DNA.

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