Energy Exploration Buys Eagle Ford Acreage

Purchased 57,275 net acres and 11 producing wells in the Woodbine/Eagle Ford play in East Texas.

Energy & Exploration Partners Inc. has bought 57,275 net acres and 11 producing wells in the Woodbine/Eagle Ford play in East Texas from a subsidiary of Chesapeake Energy Corp. (NYSE: CHK) for an undisclosed amount.

To finance the acquisition, Energy & Exploration Partners issued senior unsecured notes to Highbridge Principal Strategies and Apollo Investment Corp. (NASDAQ: AINV).

“Energy & Exploration is pleased to have partnered with Highbridge and Apollo to acquire Chesapeake’s Woodbine acreage,” said Hunt Pettit, founder and chief executive of Energy & Exploration Partners. “We plan to commence a two-rig drilling program on the acreage acquired from Chesapeake.”

The Woodbine/Eagle Ford play in East Texas is an emerging unconventional resource play with multiple prospective targets, including the Woodbine sandstone, Eagle Ford shale and Lower Cretaceous formations of the Buda, Georgetown, Edwards and Glen Rose.

Energy & Exploration Partners owns an additional 14,600 net acres in the Woodbine / Eagle Ford play. A 330 square mile three-dimensional seismic acquisition is underway over the majority of the acreage owned by the company in Madison and Grimes counties, Texas.

Energy & Exploration Partners is a private, independent Fort Worth, Texas based company with interests in oil and gas wells and properties in Texas and the Rocky Mountains.