WildFire Energy Announces Eagle Ford Acquisition from Chesapeake Energy Corporation

Acquisition Creates the Largest Consolidated Acreage Position in the Eastern Eagle Ford Shale

HOUSTON, Jan. 18, 2023 /PRNewswire/ -- WildFire Energy ("WildFire"), today announced the acquisition of approximately 377,000 net acres and approximately 1,350 wells in the Brazos Valley region of its Eagle Ford asset from Chesapeake Energy Corporation. With the acquisition, WildFire ­­will operate approximately 2,000 gross wells on approximately 600,000 net acres in the eastern Eagle Ford encompassing Burleson, Brazos, Robertson, Madison, Lee, Washington, and Grimes counties of Texas.

The acquired Brazos Valley acreage had an average net daily production of approximately 27,700 barrels of oil equivalent (boe) (85% liquid) during the third quarter of 2022. As of December 31, 2021, net proved reserves associated with these properties were approximately 96.8 million barrels of oil equivalent (mmboe).

The acquisition follows WildFire's acquisition of MD America Energy ("MDAE") in March 2022 and the acquisition of Hawkwood Energy LLC ("Hawkwood"), which began the process of consolidating the basin in August 2021.

WildFire Energy is an independent energy platform company formed to acquire and optimize production-weighted oil and gas assets and is led by Anthony Bahr, CEO, Steve Habachy, President/COO, and Drew Cozby, CFO.

"This acquisition is highly synergistic with our existing assets and the combined size of the overall business positions WildFire Energy as a leading operator in the Eastern Eagle Ford basin. The consolidation of 600,000 contiguous acres is transformative to the business and will drive economies of scale to deliver more high margin barrels to the advantageous Gulf Coast market," said Steve Habachy, President and COO of WildFire Energy.

"We look forward to future development of the area as we continue to grow the business in a safe, efficient, and environmentally conscientious manner alongside our service providers and landowners," added Anthony Bahr, WildFire Energy CEO. "We are extremely appreciative of our sponsors, Warburg Pincus and Kayne Anderson, who have shared our vision of building strategic scale in the Eastern Eagle Ford basin and have supported us throughout the process."

About WildFire Energy

WildFire Energy is an independent energy platform company pursuing production-weighted oil and gas assets in onshore US basins, seeking to efficiently optimize and develop reserves using modern technologies and its extensive operating experience. WildFire Energy was formed in 2019 with funding from Warburg Pincus, Kayne Anderson, and management.

Media Contact:

Drew Cozby
CFO, WildFire Energy
drew@wildfire-energy.com

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SOURCE WildFire Energy