Energy & Exploration is preparing for a potential $275 million public offering of shares. The company has more than 43,000 acres in Texas and Colorado and has agreed to acquire ~57,000 acres in the Eagle Ford and Woodbine from Chesapeake for $125 million. It was not disclosed if there was production associated with the acquisition. If not, the company is paying a little more than $2,000 per acre.
Energy & Exploration’s founder has a history in land work and the company decided to step into operating at the beginning of 2012. [Read more…]