US independent Chaparral Energy is expanding its position in the growing Stack play of Oklahoma with a 7000-acre bolt-on acquisition, writes Caroline Evans.

The company will purchase the acreage, located in the prolific Kingfisher County, from an unnamed private seller for $59.5 million in cash.

"Kingfisher County is well established as one of the 'sweet spots' of the Stack play, with numerous 2017 well completions with peak IP-30 rates in excess of 600 barrels of oil equivalent per day," Roth Capital Partners said in a note to investors.

The deal will increase Chaparral’s core acreage in Kingfisher County by 28% and bring its total Stack acreage to about 117,000 net acres.

The acquisition will also add more than 200 horizontal drilling locations in the Meramec and Osage formations, the company said.

Chaparral said the purchase price worked out to about $8500 per acre, which it said was "attractive" compared to other recent Stack transactions.