COVEY PARK ANNOUNCES ACQUISITION OF ADDITIONAL HAYNESVILLE ASSETS FROM CHESAPEAKE ENERGY FOR $465 MILLION
Dallas, February 15, 2017 – Covey Park Energy LLC (“Covey Park”), a Dallas, Texas-based independent oil and gas exploration and production company, announced today the closing of the acquisition of additional assets located in the Haynesville shale area of North Louisiana from Chesapeake Exploration, LLC and related companies (“Chesapeake”) for $465 million.
Covey Park funded a portion of the Chesapeake acquisition with additional equity investments from its existing investor Denham Capital, as well as incremental debt commitments from its core lender group. To fund the balance of the acquisition and to support growth initiatives, Covey Park issued preferred equity to Magnetar Capital, KKR (through the Energy Income & Growth Fund) and Triangle Peak Partners. Wells Fargo acted as financial advisor to Covey Park.
About Covey Park Energy
Covey Park Energy is an independent oil and gas exploration and production company headquartered in Dallas, Texas. The company is primarily focused on the acquisition and exploitation of long-life reserves in the Ark-La-Tex region and is currently one of the largest acreage holders and producers in the Haynesville/Bossier shales. Covey Park was formed in June 2013 with an equity commitment from Denham Capital. For more information about the company, visit www.coveypark.com.
About Denham Capital
Denham Capital is a leading energy-focused global private equity firm with more than $8.4 billion of invested and committed capital across eight fund vehicles. The firm makes direct investments across all stages of the corporate lifecycle. Denham’s investment professionals apply deep operational and industry experience and work in partnership with management teams to achieve long-term investment objectives. For more information about Denham Capital, visit www.denhamcapital.com.