Apache Grabs Oil, Gas Acreage For $2.85B

Law360, New York (January 23, 2012, 12:39 PM EST) -- Apache Corp. has agreed to buy Cordillera Energy Partners III LLC, which holds 254,000 acres of gas- and oil-rich land in Texas and Oklahoma, from investors such as private equity firm EnCap Investments LP for $2.85 billion including $600 million in stock, Apache said Monday.

Apache will pay the remainder of the price to a group of investors with $2.25 billion in cash raised via the issuance of what it called conservatively financed debt.

Apache CEO G. Steven Farris said the liquids portion of the acreage,...
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