XTO took over Chesapeake assets in Johnston County. Does anyone know of plans for them to acquire the Bankers Petroleum wells and assets?
I found this on the internet today and heard about this purchase by XTO earlier. Just think, some will be able to have multiple leases and XTO goes after the WOODFORD and BNK goes after the CANEY AND UPPER SYCAMORE.
BNK's President and Chief Executive Officer, Wolf Regener commented:"With the recently announced signing of the Purchase and Sale Agreement with XTO Energy Inc. for the sale of our Tishomingo Field assets in Oklahoma, other than the Caney and upper Sycamore formations, for $147.5 million in cash, post-closing, the Company will be well positioned to maximize what we believe will be outstanding opportunities in the oil-rich Caney and upper Sycamore formations and to pursue our exciting European projects with or without partners. The test results from the first Caney wells have been encouraging and we look forward to drilling the next wells, where the first of them is about to begin drilling. Completion of the sale transaction with XTO Energy Inc. is subject to customary closing conditions. If those conditions are satisfied, the transaction is expected to close in late April, 2013.
Read more here: http://www.heraldonline.com/2013/03/26/4725048/bnk-announces-4th-quarter-and.html#storylink=cpy
Thanks. This seems like and encouraging and exciting development to me. I hadn't thought about it but think you are right about leaseholders with BNK now having two leases, one with BNK for Caney and Upper Sycamore and one with XTO for the Woodford and other potential formations.The former lease with BNK now becomes two leases. This is the first time I've seen this happen. Larry