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BCE-Mach Acquires Oklahoma Properties for Drilling Operations
Thursday 05 April 2018

5 April 2018 - Oklahoma, US-based BCE-Mach LLC has closed on the purchase of operated-producing properties concentrated in Woods and Alfalfa counties, Oklahoma from Chesapeake Energy Corp. (NYSE: CHK), the company said.

Terms of the transaction were not disclosed.

BCE-Mach was formed with a focus on acquisition opportunities with strong cash flow generation and drilling inventories.

Mach said the Mississippi Lime in Woods and Alfalfa counties is a well-delineated play with an extensive inventory of future drilling locations.

On a full cycle economics basis, this play competes with any in the Lower 48, and we are excited to join with a like-minded partner in Bayou City Energy focussing on projects with strong returns driven by stable cash flow. 

BCE-Mach LLC is a partnership between Bayou City Energy Management LLC (BCE) and Mach Resources LLC (Mach).

Mach Resources LLC is an independent oil and natural gas producer focussed on acquiring, exploring and developing high-return, low-cost projects.

Bayou City Energy Management LLC focusses on making investments in the North American upstream oil and gas sector. BCE targets privately negotiated investments through two complementary strategies: providing buyout and growth equity capital for operated assets with current production and exploitable upside and partnering with operators to provide dedicated drilling capital in off-balance sheet structures.

TD Securities LLC as lead left arranger and sole bookrunner, Capital One, National Association as joint lead arranger, and Deutsche Bank Securities Inc. as joint lead arranger assisted in debt financing for the acquisition. Kirkland and Ellis, Latham and Watkins and McAfee and Taft provided legal counsel.
Date Published: 05/04/2018
Target: Operated-producing properties concentrated in Woods and Alfalfa counties, Oklahoma
Country: USA
Sector: Petroleum/Natural Gas/Coal
Type: Corporate acquisition
Status: Closed
Vendor: Chesapeake Energy
Buyer: BCE-Mach LLC
Buyer Advisor: Kirkland and Ellis , Latham and Watkins , McAfee and Taft
Terms of the deal were not disclosed