Chaparral Energy Significantly Increases Its Position in the Panhandle Marmaton Play by Acquiring All of the Marmaton Assets of

Chaparral Energy Significantly Increases Its Position in the Panhandle
Marmaton Play by Acquiring All of the Marmaton Assets of Cabot Oil & Gas Corp.

Acquisition Essentially Doubles Chaparral's Footprint Giving Company Largest
Position in the Panhandle Marmaton Play

OKLAHOMA CITY, Oct. 17, 2013 (GLOBE NEWSWIRE) -- Chaparral Energy Inc., based
in Oklahoma City, Oklahoma, announced today that it has entered into an asset
purchase agreement with Cabot Oil & Gas Corp. to acquire net production of
approximately 2,000 barrels of oil equivalent per day (Boepd) and 66,000 net
acres in the Panhandle Marmaton Play for $160.1 million, subject to pre- and
post-closing adjustments. The transaction essentially doubles Chaparral's
holdings in the Marmaton Play to 126,000 acres and reflects its increased
focus on high-quality oil plays with excellent well economics.

Located in Beaver and Texas Counties, Oklahoma, and Ochiltree County, Texas,
production from the purchased assets is approximately 81 percent oil with
proved reserves estimated to be 8.4 million barrels of oil equivalent (MMBoe)
and unproven reserves estimated to be 24 MMBoe as of the effective date of
October 1, 2013.

Chaparral Energy Chairman, CEO and President Mark Fischer said that he sees
long-term, sustainable growth for the Company by focusing on the key plays in
the Mid-Continent area. Fischer noted, "We have a deep understanding of the
geology and economics of this proven play located in our core Mid-Continent
operating area where we have consistently demonstrated success in the
exploration for and drilling of significant quantities of oil and natural gas.
As a result, this particular acquisition gives us the largest position in this
active play where we can use our existing presence and success to leverage the
efficient development of this additional acreage."

The Cabot acquisition increases Chaparral's growth potential through the
addition of approximately 450 drilling locations targeting the Marmaton Lime
formation which typically generate Rates of Return (ROR) in the 40 to 70
percent range. In addition, this area offers significant upside associated
with drilling numerous horizons in this stacked-pay environment. The purchase
includes significant infrastructure, including saltwater disposal wells and
electricity, which will generate operating efficiencies and economies of scale
by supplementing Chaparral's existing footprint.  

The acquisition of Cabot's Marmaton assets is scheduled to close on Dec. 18,

Chaparral is also today announcing that it has engaged an investment banker to
divest non-core assets in its Ark-La-Tex and Permian Basin areas.Fischer
stated that "The successful completion of the divestiture of these non-core
assets, which represents approximately 10% of the Company's annual adjusted
EBITDA, will allow the Company to reduce borrowings under its existing line of
credit, fund an increased drilling program associated with the Cabot
acquisition and advance our chosen strategy of becoming a pure Mid-Continent

About Chaparral Energy

Founded in 1988, Chaparral Energy is an independent oil and natural gas
exploration and production company headquartered in Oklahoma City and is one
of the largest oil producers in the State. In recent years, the company has
capitalized on its sustained success in the active Mid-Continent area
expanding its holdings to become a leading player in both the liquids-rich
Northern Oklahoma Mississippian and the oil-rich Panhandle Marmaton plays.In
addition, the company has a leadership position inCO2 Enhanced Oil Recovery
(EOR) and is now the third largest CO2 EOR producer in the United States based
on the number of active projects. This position is underscored by its activity
in the North Burbank Unit in Osage County, Oklahoma which is the single
largest oil recovery unit in the State.

CONTACT: Chief Financial Officer
         Joe Evans /
         Chaparral Energy: 405-426-4590
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