January 17, 2017

Trive Capital in Partnership with Core Minerals Acquires Assets of Chesapeake in Southern Appalachia

Dallas, Texas; Evansville, Indiana

Trive Capital (“Trive”), the Dallas-based private equity firm, in partnership with Core Minerals III, LLC (“Core Appalachia”) has acquired certain conventional assets of Chesapeake Energy Corporation in the Southern Appalachian region. The assets include approximately 1.3 million net acres of conventional gas production and developmental acreage in Eastern Kentucky and West Virginia, a gathering system and associated midstream facilities. The assets also produce over 83 MMcfe/d through a system supported by over 4,000 miles of pipeline.

“We are excited to partner with a management team that has a long history of successfully operating production and midstream assets and a track record of driving results,” commented Conner Searcy, the Managing Partner of Trive. “We believe we have acquired an exceptional set of assets in a prolific area of the country with long-term potential and an ability to capitalize on several near-term tangible value creation initiatives to optimize the Southern Appalachian position.”

Core Appalachia President and Chief Executive Officer Jim Rode said, “The combination of substantial long lived reserves, the expansive gathering system with NGL and CO2 processing capabilities, along with an established firm transportation position provides Core Appalachia a growth platform conducive to its goal of being the market commanding, vertically integrated independent oil and gas company in the region.”

Trive Managing Director Blake Bonner commented, “We have a long track record of executing complex carve out transactions and look forward to partnering with a very talented team in Core Appalachia and quickly standing up the operations. In working closely on the project for almost a full year, the Core Appalachia and Trive teams were able to leverage each other’s strengths to chart a plan for successfully carving out Chesapeake’s conventional Southern Appalachian assets as a free standing exploration & production and midstream company.”


About Core Appalachia

Headquartered in Evansville, Indiana, Core Appalachia is a privately held company focused on the acquisition and operation of producing oil and natural gas conventional and unconventional properties.

About Trive

Trive Capital is a Dallas, Texas based private equity firm with more than $7 billion of regulatory assets under management. Trive focuses on investing equity and debt in what it sees as strategically viable middle-market companies with the potential for transformational upside through operational improvement. We seek to maximize returns through a hands-on partnership that calls for identifying and implementing value creation ideas.

The Trive team is comprised of seasoned investment professionals who have been involved in over 100 middle-market transactions representing in excess of $6 billion in revenue across Trive’s targeted industry sectors and situations.

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