WASHINGTON (dpa-AFX) - Apache Corp. (APA) said it has completed its prior announced acquisition of Cordillera Energy Partners III LLC, a privately held company with operations and acreage across the prolific Granite Wash, Tonkawa, Cleveland and Marmaton plays in western Oklahoma and the Texas Panhandle. With additional drilling and acreage acquired since the transaction was announced, Apache paid nearly $2.5 billion cash and 6.3 million common shares of Apache that were issued to the sellers, including EnCap Investments, other institutional investors and Cordillera management.
Apache added that this transaction more than doubles Apache's acreage in the fairway. With this additional acreage, the company expects to more than triple the pace of activity on the combined Apache and Cordillera acreage during 2012. The acquisition is expected to be accretive to Apache's earnings and cash flow beginning in 2012. The cash consideration was paid from the proceeds of a debt offering.
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