KKR Natural Resources (KNR) has agreed to acquire holdings in Texas’ Barnett Shale and Arkoma Basin in Oklahoma, US from WPX Energy for $306m.
The deal provides KNR with assets comprising 27,000 net acres, interests in 320 wells and 91 miles of pipeline in North Central Texas and Eastern Oklahoma and 66,000 net acres, 525 wells and 115 miles of pipeline in the Arkoma Basin.
KKR Natural Resources head and member Jonathan Smidt said "We see attractive opportunities to invest behind the development of domestic energy resources and remain excited about the opportunity to grow our natural resources platform by continuing to acquire non-core oil and gas properties from high quality operators and allowing them to reinvest the proceeds in their attractive growth opportunities."
The acquisition, slated to close in the second quarter, is KNR’s third acquisition in the Barnett Shale.
The company has $1bn of capital currently available for investment, and intends to acquire over $2bn of additional assets both within and outside its core operating areas over the next few years.
KNR has acquired over $900m assets since its inception in 2010, including over $600m of assets to date in 2012, and now operates over 150 mmcfe/d of net production.
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