Southwestern Energy Co. (NYSE:SWN) signed a purchase and sale agreement to acquire an undivided 20% stake in oil and gas assets in West Virginia and southwest Pennsylvania from Statoil USA Onshore Properties, Inc. for approximately $390 million on December 22, 2014. The purchase price will be reduced to approximately $365 million based on the adjustment to the purchase price paid to Chesapeake pursuant to a settlement agreement. The purchase will be financed by Southwestern Energy's existing revolving credit facility and is expected to close in the first quarter of 2015. Catherine Ozdogan of Latham & Watkins LLP acted as legal advisor for Southwestern on the financing.

Southwestern Energy Co. (NYSE:SWN) completed the acquisition of an undivided 20% stake in oil and gas assets in West Virginia and southwest Pennsylvania from Statoil USA Onshore Properties, Inc. in January 2015.