Gastar To Pay $85M To Buy Chesapeake Leases, End Suit

Law360, New York (April 1, 2013, 7:00 PM EDT) -- Gastar Exploration Ltd. will pay $85 million to purchase two Chesapeake Energy Corp. oil and natural gas leaseholds in Oklahoma and repurchase Chesapeake’s holding in the company, in exchange for Chesapeake agreeing to settle a Texas federal suit over a botched joint venture, it announced Monday.

Under the terms of the deal, Houston-based Gastar will pay $75.2 million for drilling rights to about 157,000 acres in Kingfisher and Canadian counties, Okla., abutting its existing 51,700-acre Mid-Continent field and consisting of about 2.8 million barrels of oil...
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