Chaparral Sells EOR to Perdue, Goes STACK

November 27, 2017

 

Chaparral Energy Inc. has closed on the sale of oil assets to Perdue Petroleum LLC for $170 million.

 

The properties include enhanced oil recovery projects in the Texas Panhandle and North Burbank areas encompassing about 5,700 BOEPD of the company’s 24,500 BOEPD of total production.

 

Chaparral CEO Earl Reynolds said the sale will transition Chaparral into an all-STACK operator, saying the move out of EOR operations “will allow us to focus our capital and operational activity” on the Sooner Trend Anadarko Canadian Kingfisher (STACK) crude and condensate play in Oklahoma, he said in a statement.