Deals this week: Alta Resources, Eclipse Resources, Resolute Energy

Alta Resources Development, through its wholly owned subsidiary Alta Marcellus Development, has agreed to acquire upstream and midstream assets in the Marcellus Shale of north-central Pennsylvania, US, from Anadarko Petroleum Corporation for $1.24bn.

The operated and non-operated upstream assets include approximately 195,000 net acres and operated midstream assets include gathering, processing, treating and transportation assets in Lycoming and Bradford Counties in Pennsylvania.

Anadarko has appointed Jefferies as financial advisor and Sidley Austin as legal advisor to Anadarko for the transaction.

Scheduled for completion during the first quarter of this year, the transaction will allow Alta Resources to extend its upstream and midstream assets portfolio in Pennsylvania.

Eclipse Resources Corporation has disposed its oil and gas assets in eastern Noble and western Monroe counties, Ohio, US, for approximately $63.8m.

The transaction involved the sale of approximately 9,900 net undeveloped acres with a net production capacity of approximately 1,000mcfd.

The proceeds from the sale are intended to be used by Eclipse Resources to support business operations and for general corporate purposes.

Resolute Energy Corporation intends to raise $144.5m through the issue of 3.8 million shares in a public offering.

Underwriters to the offering have been granted a 30-day over-allotment option to buy up to an additional 570,000 shares.

BMO Capital Markets and Goldman, Sachs & Co. are the book-running managers, and Davis Graham & Stubbs is the legal advisor for the offering.

The amount raised from the issue is intended to be used by the company to repay its second lien secured term loan and partially settle its revolving credit facility.

The public issue was scheduled for closure on or before 23 December 2016.

Chesapeake Energy Corporation has agreed to dispose additional gas assets in Haynesville Shale operating area in northern Louisiana, US, to an affiliate of Covey Park Energy for $465m.

The transaction involves the sale of approximately 41,500 net acres and 326 operated and non-operated wells with a production rate of approximately 50 million cubic feet a day (mmcfd) of gas.

Scheduled for completion in this year's first quarter, the transaction will enable Chesapeake to reduce its debt.

Texas American Resources Company has secured commitment from First Reserve Corporation for an equity investment of up to $250m.

Texas American Resources operates oil and gas assets located in South Texas and the Texas Panhandle, US.

The investment enables Texas American to explore oil development opportunities in the Eagle Ford Shale in south Texas.

BP has agreed to acquire fuel retail business in Australia from Woolworths. The deal implies a purchase consideration of $1.28bn.

Woolworths’ fuel retail business comprises 527 fuel and convenience sites, as well as 16 committed development sites under construction.

The deal corresponds with Woolworths’ strategy to exit from its fuel retailing business for focusing on its core supermarket business.

Scheduled for completion before 2 January 2018, the transaction will enable BP to extend its fuel retail business in Australia.

Trident Exploration has completed the acquisition of certain oil and gas assets located in the Horseshoe Canyon area, Alberta, Canada.

The $16.72m deal was funded by the company using the proceeds raised from an equity offering.

The acquisition involves the transfer of 73% of average working interest in 315,000 acres, increasing Trident’s production level to 80mmcfd.

The transaction allows Trident to expand its oil and gas assets portfolio in the Horseshoe Canyon core area, Alberta.

Rangeford Resources, through its wholly-owned subsidiary Cherryvale Kansas, has agreed to acquire certain oil and gas leases in Labette County, Kansas, US, from Dog Day Inc (DDI).

The purchase consideration will be funded by Rangeford through the issuance of 632,912 common shares and 3% secured notes, due 2019.

Under the agreement, DDI will transfer 100% working interest in approximately 800 gross acres of land and interests in approximately 53 wells.

Scheduled for completion on or before 15 February, the deal will allow Rangeford Resources to expand its oil and gas leasehold base in Kansas.

Petrogas Company has completed the acquisition of certain stake in four oil and gas wells located in Dewey County of Anadarko Basin, US.

The four wells, including two producing wells, are operated by Lighthouse Oil and Gas and Vanguard Operating.

The acquisition allows Petrogas to expand its oil and gas assets portfolio in Anadarko Basin, Oklahoma.

Kelt Exploration has agreed to dispose its oil and gas assets located in the Karr area of Alberta, Canada. The deal involves a sale consideration of $74.45m, of which the buyer paid $7.45m to Kelt as a deposit under an escrow arrangement.

The assets comprise 16,480 gross acres, including 9,920 gross acres of Montney rights. Approximately 79% of net land holdings of the total net acreage are in undeveloped stage. The assets produced approximately 1,303boed in December 2016.

Scheduled for completion on or before 18 January, the transaction also involves the sale of 100% interest in the Kelt Karr 10-21-65-3W6 oil battery and a 2.26% stake in the CNRL Karr 10-10-65-2W6 gas plant.

Applegreen has agreed to acquire a 50% stake in Joint Fuels terminal located in Dublin port, Ireland, from Topaz Energy Group. The $16.39m-worth deal is intended to be funded by Applegreen through its existing resources.

The terminal will be owned by Applegreen (50%) and Valero Energy (50%), upon completion of the transaction.

Scheduled for completion in the first quarter of this year, the transaction will allow Applegreen to receive fuel directly from refineries.

Nortech Group and Dhabi Contracting have formed a joint venture (JV) named Al Dhabi Nortech Engineering Consultancy.

Headquartered in Abu Dhabi, the JV enables Nortech and Dhabi Contracting to create a new business entity to offer engineering services in the UAE.

Chinook Energy has signed a letter of intent (LoI) with an undisclosed company to dispose certain oil and gas assets located in the Gold Creek area of Alberta, Canada, for $7.82m.

The assets include 15.6 net sections of land area, as well as associated pipelines and production facilities.

Scheduled for completion on or before 20 February, the deal will allow Chinook Energy to strengthen its financial position and support the development of its Birley / Umbach property.

Abraxas Petroleum Corporation plans to dispose certain stake in its Hudgins Ranch property located in the Pecos County of Delaware Basin, Texas, US.

Abraxas Petroleum’s assets consist of approximately 13,468 acres, including 1,291 acres of leased land in Pecos County, Texas.

The amount raised from the stake sale is intended to be used by the company to reduce borrowings under its credit facility this year.