Canyon Creek Energy - Arkoma LLC said July 25 it acquired a core operated leasehold position in more than 30,000 acres in the liquid-rich Arkoma Stack play.
The Tulsa, Okla.-based company said “a great deal of such acreage” has been acquired from Arkoma Leasing LLC. The terms of the transaction weren't disclosed.
Canyon Creek Energy - Arkoma is a joint venture between Vortus Investment Advisors, a Fort Worth, Texas-based private equity firm, and private investors to develop Oklahoma Arkoma Basin assets.
“With these acquisitions, Canyon Creek Energy has established itself as a leader in the re-emerging Arkoma Stack liquids play,” Luke Essman, president and CEO of Canyon Creek - Arkoma, said in a statement.
Essman said preliminary drilling results on Canyon Creek's concentrated leasehold position validate the company's technical analysis of the Arkoma Stack play.
“We intend to continue our current successful leasing and drilling program in the area,” he added.
Prior to Canyon Creek Energy - Arkoma, Essman partnered with ArcLight Capital Partners, a Boston-based private equity firm, to form Canyon Creek Energy Partners focused on exploiting undervalued properties in the Midcontinent. He successfully divested the company’s assets to BP Plc (NYSE: BP) in the fall of 2015, according to the company's website.
Recommended Reading
Kinder Morgan to Boost NatGas Capacity in Texas
2024-10-16 - Kinder Morgan said it has made FID for the Gulf Coast Express expansion and confirmed a new pipeline project to move gas to the site of future Southeast Texas LNG export facilities.
Marcellus Waiting to Exhale But Held Back by Regional, Economic Factors
2024-11-06 - After years of exploitation as one of the country’s first unconventional shale plays, the Marcellus still has plenty of natural gas for producers, even if regional and economic factors have kept much of it bottled up.
Electrification Lights Up Need for Gas, LNG
2024-09-20 - As global power demand rises, much of the world is unable to grasp the need for gas or the connection to LNG, experts said.
Behind the Hype: The 'Jaw-dropping' Expectations for AI, Natural Gas
2024-09-05 - Anecdotal evidence suggests "jaw-dropping" energy needs as AI data centers come online, but building up the power supply will be a complicated process for producers and midstream companies.
Analyst: US NGL Market Tightens Links to Crude, NatGas Production
2024-09-02 - A boost in propane and ethane development is tied to the opening of the Matterhorn Pipeline in the Permian, evidence of the increasingly closer link between different sectors of the energy industry.