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.
Hunt Pettit, 42, an entrepreneur and land man who was an early mover in the Eagle Ford Shale, now works at the helm of Fort Worth, Texas-based Energy & Exploration Partners Inc.
The company will trade on the NYSE under the symbol ENXP. Read more about the company's SEC filing at marketwatch.com