[Context: On October 5, White Deer Energy-backed Corterra Energy announced the acquisition of 26,000 acres in the Arkoma Basin from Continental Resources for $68m. Further details and related links are below.]
Corterra Energy Acquires 26,000 Acres in Arkoma Basin for $68M; Acquisition from Continental Resources provides Corterra Energy with approximately 70,000 net acres
Today, Corterra Energy, LLC (“Corterra”), an independent exploration and energy production company headquartered in Tulsa, Okla., and backed by White Deer Energy, announced it 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. (NYSE: CLR) 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,” Corterra’s CEO Valerie Mitchell said.
Thomas J. Edelman, Managing Partner of White Deer, commented, “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.”
About Corterra Energy
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.
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.