Chesapeake Energy Nabs $85M Ch. 11 Bid For Okla. Wells

Law360 (October 14, 2020, 8:17 PM EDT) -- Oil and gas driller Chesapeake Energy Corp. has told a Texas bankruptcy court that it has accepted an $85 million stalking horse bid for its Oklahoma drilling operations from Blackwell Group-created Tapstone Energy Co.

In papers filed Tuesday, the company asked the court to approve Tapstone's stalking horse offer for 736,000 acres of oil and gas leases in Oklahoma and northern Texas as it heads toward an auction of the assets in two weeks.

Chesapeake Energy filed for Chapter 11 protection in June with more than $9 billion of debt and a plan to convert about $7 billion of that debt...

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