The properties are principally located in the core of the prolific Fayetteville Shale natural gas play.
The company will fund the acquisition with a combination of existing cash on hand and its credit facility with Bank of Oklahoma.
The 1,531 acres of leasehold are located in 69 drilling units with 82% of the leasehold being held by production.
According to the company, the estimated net proved developed producing reserves are about 9.2bcfe, and there are about 15.2bcfe of identified undeveloped reserves on the properties.
