One-Page Deal Sheet
Chief Oil & Gas Joins Enerplus in the Marcellus
Chief Oil & Gas Llc Enerplus Corp
Announced Date
August 20,2009
Effective Date
May 01,2009
Close Date
September 01,2009
Transaction Type
Farm-In/Farm Out
Enterprise Value (EV)($MM)
406
Transaction Details: Subscribe to see
Chief Oil & Gas LLC announced today that it has entered into a Joint Development Agreement with Enerplus Resources Fund in the Marcellus Shale natural gas field in the Northeastern United States. Chief, along with Tug Hill, Inc. will sell 30% of its interest in the Marcellus for a total consideration of US$406 million of which US$162.4 million represents cash due at closing and US$243.6 million is to be paid as a carry of 50% of Chief's future drilling and completion costs. Chief and Tug Hill will also enter into an Area of Mutual Interest agreement with Enerplus that will allow for the…
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