Chief Oil & Gas Pays $500M for Pa. Gas Holding Co.

Law360, New York (December 19, 2013, 3:38 PM EST) -- Natural gas exploration company Chief Oil & Gas said Tuesday it will pay about $500 million to expand its holdings in the Marcellus Shale formation in Pennsylvania by acquiring MKR Holdings LLC from Chesapeake Appalachia LLC.

Chief Oil & Gas it has partnered with Canadian energy producer Enerplus and Fort Worth-Texas based investment firm Tug Hill to acquire the assets from Chesapeake, which will give the company a total of 210,000 acres in Pennsylvania. The deal is part of Chief Oil & Gas’s strategy to grow...
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