JANUARY 23, 2012.
Apache Reaches Oil Deal on Home Turf
DEALS & DEAL MAKERS
JANUARY 23, 2012.
Apache Reaches Oil Deal on Home Turf .
DANIEL GILBERT HOUSTON—Apache Corp., one of the biggest U.S. energy explorers, is buying privately held Cordillera Energy Partners III LLC for $2.85 billion in a deal that underscores how new drilling techniques are remaking the U.S. oil business.
The cash-and-stock deal gives Apache 254,000 acres atop a deeply buried layer of rock in what is known as the Granite Wash, which straddles the Texas-Oklahoma border. Apache has been drilling in the area for 35 years, but new methods of recovering oil and natural gas, including horizontal drilling and hydraulic fracturing, or fracking, have transformed its potential.
The deal marks only the second ...
DANIEL GILBERT
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