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Solar Company Secures $1.9 Billion Funding for American-Made Projects

SB Energy Global, a solar company backed by SoftBank Group and Ares Management, has recently obtained $1.9 billion in financing for its upcoming projects. What sets these projects apart is their qualification for federal tax credits tied to the purchase of components made in America. This marks a significant milestone in boosting domestic manufacturing and green energy, thanks to the tax incentives provided by President Joe Biden’s Inflation Reduction Act.

To meet the requirements for the tax credits, SB Energy Global has carefully established a domestic supply chain. They have sourced solar modules from a First Solar Inc. factory in Ohio, steel from Texas and Georgia, and sun-tracking devices from various states, including Pennsylvania. By avoiding the need for customs and shipping from Asia, the company can better manage its supply chain, sidestepping potential delays and cost overruns.

The growing preference for domestically made solar panels began even before the Inflation Reduction Act. Supply chain disruptions during the pandemic and concerns regarding solar components made overseas, due to tariffs implemented during the Trump era and allegations of forced labor in China, have prompted US companies to seek equipment made within the country. SB Energy’s projects exemplify the shape-shifting American solar supply chain.

To qualify for an additional 10% tax credit, projects must satisfy a “domestic content” requirement. Another 10% tax credit is available for projects situated in “energy communities,” which encompass regions with fossil fuel activities, high unemployment rates, or decommissioned coal mines or coal-fired plants. These tax credits are calculated based on project costs.

SB Energy Global received support from JPMorgan Chase, Bank of America, Morgan Stanley, and Truist Bank for its Texas solar projects. All of these projects meet the requirements for the energy community tax credits, while three also qualify for the domestic content credit. Google, through its parent company Alphabet Inc., has agreed to purchase approximately 75% of the generated energy to power their data centers in Texas.


Q: What is the significance of SB Energy Global securing financing for American-made projects?
A: SB Energy Global’s funding represents a milestone in qualifying for federal tax credits tied to purchasing components made in America, boosting domestic manufacturing and green energy.

Q: What are the criteria for the additional tax credits?
A: projects must satisfy a “domestic content” requirement and can receive an additional tax credit by locating in designated “energy communities.”

Q: Who supported SB Energy Global’s Texas solar projects?
A: JPMorgan Chase, Bank of America, Morgan Stanley, and Truist Bank provided backing, including tax-equity funding.

Q: How much power will the Texas solar projects produce, and who will be the major buyer?
A: The projects are expected to generate 1.3 gigawatts of power, with Alphabet Inc.’s Google purchasing about 75% of the energy to power its Texas data centers.

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SB Energy Partners with Leading Financial Institutions to Support Energy Communities and Accelerate Renewable Energy Deployment

REDWOOD CITY, Calif., Nov. 30, 2023 /PRNewswire/ — SB Energy Global, LLC (“SB Energy”) has secured a groundbreaking $2.4 billion investment to support energy communities with domestically produced renewable energy on a large scale. This innovative initiative, made possible through partnerships with J.P. Morgan, Bank of America, Morgan Stanley Renewables Inc., and Truist Bank, will not only create thousands of American jobs but also contribute to significant emission reductions.

The investment consists of approximately $800 million in tax equity from J.P. Morgan, Bank of America, Morgan Stanley Renewables Inc., and Truist Bank, as well as $450 million in term debt and $1.2 billion in construction debt raised in collaboration with seven other financial institutions including MUFG, Mizuho Americas, ING, SMBC, CIBC, Fifth Third Bank, and Société Générale. This funding will support a 1.3 gigawatt (GW) portfolio comprised of four utility-scale solar projects.

SB Energy, since its inception, has remained dedicated to expanding domestic clean energy deployment and strengthening the U.S. supply chain. This commitment aligns with the overarching goals of the Inflation Reduction Act (IRA), which seeks to bolster the clean energy industry through enhanced tax credits and innovative approaches to tax equity. By embracing transferability and other measures, SB Energy aims to maximize the benefits provided by the IRA.

One of the highlights of this partnership is the implementation of the “domestic content adder,” a provision within the IRA that safeguards and fortifies America’s manufacturing base while creating well-paying jobs. SB Energy is utilizing 1.1 million solar modules with high domestic content manufactured in Ohio by First Solar, making their projects the first utility-scale endeavors in the U.S. to reach financial close with the domestic content adder. Additionally, Nextracker is supplying trackers with component providers located across multiple U.S. states, further promoting local manufacturing. Domestically sourced steel from Texas and Georgia will be used for all structural steel in these projects, underscoring SB Energy’s commitment to onshoring the clean energy supply chain.


Q: Who are SB Energy’s financial partners in this initiative?
A: SB Energy has partnered with J.P. Morgan, Bank of America, Morgan Stanley Renewables Inc., and Truist Bank, along with several other financial institutions.

Q: What is the purpose of the Inflation Reduction Act (IRA)?
A: The IRA aims to support and accelerate the clean energy industry in the United States by expanding tax credits and introducing new approaches to tax equity.

Q: How does SB Energy contribute to job creation?
A: Through its renewable energy projects, SB Energy plans to create more than 3,600 new direct and supply chain jobs in energy communities that have experienced high unemployment rates.

Q: What is the significance of the “domestic content adder”?
A: The domestic content adder, a provision in the IRA, encourages the use of domestic manufacturers by rewarding projects that meet certain criteria with additional incentives.

Q: How is SB Energy promoting the U.S. supply chain?
A: SB Energy is partnering with domestic manufacturers to onshore more of the clean energy supply chain, supporting American manufacturing and job growth.

News Texas

Funding Approved to Support Housing Initiatives for Austin’s Homeless Population

The Austin City Council is set to vote on additional funding for two hotels that will serve as permanent supportive housing for individuals experiencing chronic homelessness. These hotels, Pecan Gardens and the Bungalows at Century Park, were purchased by the City of Austin several years ago but have not yet opened for their intended purpose. The Council could approve the funding and allocate the necessary time to ensure these projects are ready to accommodate the homeless population.

Pecan Gardens, the former Candlewood Suites hotel located in northwest Austin, will provide permanent supportive housing for over 70 homeless, elderly, and disabled individuals under the supervision of Family Eldercare. Meanwhile, the former Texas Bungalows Hotel and Suites will be operated by Integral Care and managed by Volunteers of America. It will offer 60 units to individuals who have a disabling condition and have experienced homelessness for a significant portion of their lives.

The decision to provide additional funding and time to these projects shows the commitment of the City of Austin to address the issue of homelessness and to create safe and supportive environments for those in need. By repurposing these hotels, the city aims to help vulnerable individuals access the resources and assistance necessary to transition out of homelessness effectively.

1. What is the purpose of the additional funding and time allocation for the hotels?
The additional funding and time are intended to ensure that the hotels can be properly renovated and transformed into permanent supportive housing for individuals experiencing chronic homelessness.

2. How many individuals will be housed in Pecan Gardens and the Bungalows at Century Park?
Pecan Gardens will provide housing for over 70 homeless, elderly, and disabled individuals, while the Bungalows at Century Park will offer 60 units for individuals with a disabling condition who have experienced homelessness for a significant portion of their lives.

3. Who will be overseeing the operation of these housing initiatives?
Family Eldercare will be responsible for supervising Pecan Gardens, while Integral Care will operate the Bungalows at Century Park, with property management services provided by Volunteers of America.

4. How does the City of Austin aim to address homelessness through these initiatives?
By repurposing these hotels as permanent supportive housing, the city aims to provide safe and supportive environments for individuals experiencing chronic homelessness and help them access the resources and assistance needed to transition out of homelessness.

News Texas

New Funding Needed for Austin’s Homeless Housing Projects

The Austin City Council is back in session after the November holiday break, and this week they will be discussing a range of important items. One of the key issues on the agenda is the need for additional funding for housing projects that are intended to provide shelter for the homeless population.

One such project is the Pecan Gardens, a former Candlewood Suites hotel that was purchased by the city in 2021 for approximately $9.5 million. The plan was to convert the hotel into permanent supportive housing units for individuals experiencing homelessness. However, due to security issues and opposition from local groups, the facility has yet to be opened to the public.

The City Council will vote on Thursday to allocate an additional $2.7 million to Family Eldercare, the organization responsible for renovating and operating the property. Structural issues such as mold and drainage problems have been discovered, requiring further funding for the necessary repairs.

Another project in need of funding is the Bungalows at Century Park, formerly known as the Texas Bungalows Hotel & Suites. This property is slated to be transformed into fully furnished efficiency apartments for individuals experiencing homelessness. The city estimates that approximately $400,000 is needed for renovations, including electrical upgrades and construction-related costs.

To secure the necessary funding for both projects, the City Council will need to approve a budget allocation from the city Housing Department’s capital budget.

While the need for funding is apparent, there are concerns about the long-term sustainability of relying on taxpayer money for these projects. Council Member Mackenzie Kelly has proposed the idea of creating a new density bonus program. This program would incentivize developers to donate land specifically for public safety stations, thus alleviating the burden on taxpayers for constructing police, fire, and EMS facilities.

Although the resolution to initiate conversations about the density bonus program is gaining support among council members, it will not immediately change city code. Instead, it will direct the city manager to draft an ordinance for future consideration.

As the City Council convenes this week, the discussion surrounding funding for homeless housing projects and the potential for a new density bonus program will be closely watched by both advocates for the homeless population and those concerned about long-term costs and sustainability.


Q: What are Pecan Gardens and Bungalows at Century Park?

Pecan Gardens and Bungalows at Century Park are housing projects in Austin that aim to provide permanent supportive housing for individuals experiencing homelessness. Pecan Gardens was a former hotel purchased by the city, while Bungalows at Century Park is a renovated hotel.

Q: Why do these projects need more funding?

Both projects have encountered structural issues that require additional funding for repairs, including mold and drainage problems at Pecan Gardens and various renovations at Bungalows at Century Park.

Q: How will the funding be allocated?

The funding for these projects will come from the city Housing Department’s capital budget, subject to approval by the City Council.

Q: What is the proposed density bonus program?

The proposed density bonus program aims to incentivize developers to donate land for public safety stations instead of relying on taxpayer money for their construction. The program is currently in the discussion stage and would require further action to become an ordinance.

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Gainesville City Commission Finalizes Interviews for City Auditor Role

In an impressive display of talent, Gainesville City Commission recently completed interviews for the long-awaited city auditor position. Three standout candidates, Thomas Alger, Rory Galter, and Stephen Mhere, emerged from a pool of applicants with diverse backgrounds and experiences. The commission members expressed their satisfaction with the latest round of interviews, praising the candidates’ excellent responses and wealth of experience.

Thomas Alger, currently serving as the Chief Audit Executive for the Mashantucket Pequot Tribal Nation, brings over two decades of financial management and auditing expertise to the table. With an extensive career that includes key positions at esteemed institutions such as the University of Massachusetts Boston and the Massachusetts Port Authority, Alger’s credentials speak for themselves.

Rory Galter, the audit manager for the city audit office in Dallas, Texas, boasts an impressive 45-year track record in audit and financial management. His background in banking, retail, and healthcare has equipped him with the necessary skills to thrive in the role. Galter expressed his belief that Gainesville’s auditor office is already well-run and emphasized the importance of building upon its strengths.

Stephen Mhere, currently a senior auditor for the city of Tampa, has a remarkable background in both government and education roles. Mhere, who holds master’s degrees in business administration and health informatics, has dedicated over 18 years to serving the public through his expertise in auditing. He expressed his commitment to understanding the current strengths and weaknesses of Gainesville’s audit staff before setting specific plans for the future.

As Gainesville eagerly awaits the appointment of its next city auditor, Mayor Harvey Ward expressed gratitude for the work of interim city auditor Brecka Anderson. Since former auditor Ginger Bigbie’s resignation in November 2022, Anderson has ensured smooth operations within the department. Ward affirmed that Bigbie will continue to contribute in a non-leadership role should she choose to return.

With the decision slated to be made on December 7th, the commission remains optimistic about finding the best fit for the role. The chosen candidate will be offered a salary within the range of $140,000 to $170,000, as reported in Gainesville’s City Auditor Finalist Report.


1. What qualifications do the candidates for Gainesville city auditor possess?

The three final candidates for the Gainesville city auditor position, Thomas Alger, Rory Galter, and Stephen Mhere, bring a wealth of experience and diverse backgrounds to the table. They have extensive backgrounds in financial management, auditing, and internal government and education roles.

2. What is the next step in the selection process?

The Gainesville City Commission will meet on December 7th to decide on hiring one of the three candidates. If selected, the commission will gather on December 14th to discuss contracts, and the chosen auditor is expected to commence work in January.

3. What salary range will the Gainesville city auditor be offered?

According to the Gainesville City Auditor Finalist Report, the salary range for the city auditor position is between $140,000 and $170,000.

Energy News Texas Water

New Uranium Production Plant in Texas Signals a Shift Towards Domestic Energy

enCore Energy Corp. has announced the successful startup of uranium production from the South Texas Rosita ISR Uranium Central Processing Plant (“Rosita CPP”). This marks a significant step in enCore’s strategy to increase domestic uranium production using the In-Situ Recovery (ISR) process.

The restart of the Rosita CPP, which was previously a producing plant, demonstrates enCore’s commitment to revitalizing uranium production in Texas. The plant has undergone refurbishment and upgrades to meet the demands of modern production processes. With the wellfield production patterns in operation and oxygenated water circulating through the satellite ion exchange facility, enCore is anticipating a steady increase in uranium concentration over the coming weeks.

enCore’s Chief Executive Officer, Paul Goranson, expressed his satisfaction with the rapid progress made by the enCore team in bringing the Rosita CPP back to life. He highlighted the company’s determination to overcome supply chain disruptions and expand their workforce to meet production targets. With uranium production now underway, enCore has become the first uranium producer in Texas in 10 years and the newest uranium producer in the United States.

This achievement at the Rosita CPP is just the beginning for enCore. The company is also pushing for the completion of their second uranium processing plant, the Alta Mesa CPP, which is scheduled to commence production in early 2024.

The revitalization of uranium production in Texas is a significant development for the United States’ energy industry. This move towards domestic production aligns with the country’s goal of achieving energy independence and reducing reliance on imported uranium. By producing uranium domestically, enCore is contributing to the security and stability of the nation’s energy supply.


Q: What is the significance of the Uranium Central Processing Plant in Texas?
A: The plant represents a pivotal step in enCore’s strategy to increase domestic uranium production and reduce reliance on imports.

Q: What are the expected benefits of domestic uranium production?
A: Domestic production provides energy security and reduces dependence on imported uranium, contributing to the stability of the nation’s energy supply.

Q: When will enCore’s second uranium processing plant begin production?
A: The Alta Mesa CPP is scheduled to commence production in early 2024.

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Investor Urges SilverBow Resources to Overhaul Board and Address Performance Concerns

One of SilverBow Resources Inc’s largest investors, hedge fund Riposte Capital, is calling for significant changes within the U.S. oil and gas producer. Riposte Capital, which currently holds a 6.7% stake in SilverBow, is urging the company to revamp its board of directors to address governance concerns and improve its underperformance in the market.

In a recent letter obtained by Reuters, Riposte Capital insisted that SilverBow appoint three new directors to its board ahead of the upcoming shareholder meeting. The hedge fund expressed frustration over the company’s failure to act on previous demands and instead pursue a strategy that led to further lagging behind its competitors.

SilverBow Resources’ shares closed at $31.81 on Wednesday, giving the company a market capitalization of approximately $800 million. Although the shares have seen a 12.5% increase this year, outperforming the S&P Energy index, Riposte Capital argues that on an earnings multiple basis, SilverBow has fallen behind its smaller peers.

The hedge fund also criticized SilverBow’s deal to acquire assets from Chesapeake Energy for $700 million, claiming that it diluted existing shareholders through the issuance of new stock. This acquisition is part of SilverBow’s effort to expand its operations in the Eagle Ford shale basin, where it currently operates on around 180,000 net acres.

While Riposte Capital’s dissent at SilverBow Resources is a relatively rare occurrence, it serves as an example of shareholder activism within the energy sector. The hedge fund, led by Khaled Beydoun, has only publicly expressed dissatisfaction with companies in which it owns shares on a few occasions to date.

As SilverBow Resources faces mounting pressure from its investor, the company will have to carefully consider its response to address the governance concerns and improve its overall performance. The upcoming shareholder meeting will provide an important opportunity for shareholders to voice their opinions and potentially steer the company in a new direction.

Frequently Asked Questions (FAQ)

1. Who is Riposte Capital?

Riposte Capital is a hedge fund based in New York and managed by Khaled Beydoun. It is the fourth-largest shareholder in SilverBow Resources.

2. What is SilverBow Resources’ market capitalization?

SilverBow Resources Inc currently has a market capitalization of approximately $800 million.

3. What is the Eagle Ford shale basin?

The Eagle Ford shale basin is a geological formation in South Texas that is rich in shale oil and gas resources. SilverBow Resources operates on around 180,000 net acres within this basin.

4. How has SilverBow Resources performed in the market?

SilverBow Resources’ shares have gained 12.5% this year, outperforming the overall decline of the S&P Energy index. However, Riposte Capital argues that the company has lagged behind its smaller peers on an earnings multiple basis.

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OPEC+ Meeting Sparks Optimism for Deeper Oil Production Cuts

Oil futures experienced a surge in trading as investors eagerly awaited the outcome of an online meeting among OPEC+ members. Reports suggest that this meeting may result in a round of deeper production cuts set for early 2024. This anticipation has contributed to a rise in oil prices.

The West Texas Intermediate crude for January delivery rose by $1.35, or 1.8%, bringing it to $79.25 a barrel on the New York Mercantile Exchange. Meanwhile, the January Brent crude, the global benchmark, increased by $1.33, or 1.6%, reaching $84.43 a barrel on ICE Futures Europe.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, which include Russia, have reached a preliminary agreement that proposes an additional cut of 1 million barrels a day on top of existing production curbs. This development has bolstered market expectations for deeper cuts.

The OPEC meeting, followed by a meeting of an OPEC+ panel and then OPEC+ ministers, will determine the final decision. Delays and disagreements among members have previously raised concerns about maintaining production cuts into 2024. However, recent reports suggest progress has been made, with Saudi Arabia and Russia considering the continuation of voluntary reductions.

While uncertainties remain surrounding the resolution of production targets for Angola and Nigeria in the coming year, the market remains focused on the potential for deeper cuts. Analysts at ING noted that if OPEC+ disappoints in delivering these cuts, there could be downside risks for the market. Nevertheless, the current sentiment is one of optimism.

Overall, the OPEC+ meeting holds the potential to shape the future of oil production cuts, and market participants are anxiously following the developments in hopes of increased stability in the industry.

Frequently Asked Questions (FAQ)

What is OPEC+?

OPEC+ refers to the collective group consisting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, primarily Russia. Together, they collaborate to coordinate oil production levels and stabilize global oil markets.

Why are production cuts important?

Production cuts are implemented by OPEC+ to manage oil supply in an effort to maintain stable oil prices. By reducing production, they aim to prevent oversupply and prevent prices from decreasing too dramatically.

How do production cuts impact oil prices?

When OPEC+ implements production cuts, it decreases the overall supply of oil in the market. With reduced supply and consistent demand, oil prices may increase due to the scarcity of the commodity.

What are the implications of deeper cuts for the oil market?

Deeper production cuts suggest a more significant reduction in oil supply, which could lead to tighter market conditions. This can result in higher prices, assuming that demand remains stable or increases.

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Oil Prices Surge Ahead of OPEC+ Meeting: What to Expect

Oil prices are experiencing a significant surge for the second consecutive day as the OPEC+ meeting approaches. As of now, no official report has been issued, and there seems to be no consensus among the OPEC+ members regarding the distribution of production cuts. This impasse is primarily due to the reluctance of African producing nations to reduce their output, despite the recent decline in crude prices in global markets.

In contrast, the US Dollar is making a strong recovery after a period of weakness. Market sentiments had devalued the Greenback, but the sudden decline in the Eurozone’s growth and inflation has caught many by surprise. If this trend continues, the Eurozone might even experience deflation next year, leading to faster cuts and a wider rate differential. Ultimately, this could strengthen the US Dollar further.

As of writing, WTI crude oil is trading at $79.47 per barrel, while Brent oil is trading at $84.44 per barrel.


What is WTI Oil?

WTI Oil, short for West Texas Intermediate Oil, is a type of crude oil that is sold on international markets. Considered a high-quality oil, it is known as “light” and “sweet” due to its relatively low gravity and sulfur content, respectively. WTI Oil is easily refined and is distributed through the Cushing hub in the United States. It serves as a benchmark for the oil market, with its price frequently quoted in the media.

What are the key drivers of WTI Oil prices?

The key drivers of WTI Oil prices are supply and demand, global growth, political instability, OPEC decisions, and the value of the US Dollar. Changes in supply and demand, influenced by factors such as global growth and political instability, can impact prices. OPEC’s decisions on production quotas can also tighten or loosen supply, affecting oil prices. Additionally, the strength or weakness of the US Dollar can influence WTI Oil prices, as it is predominantly traded in US Dollars.

How do inventory reports affect WTI Oil prices?

The weekly inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) can impact WTI Oil prices. Changes in inventories reflect fluctuations in supply and demand. A decrease in inventories suggests increased demand, which can push up oil prices. Conversely, higher inventories indicate increased supply, which can lead to price decreases. The EIA data is considered more reliable since it is a government agency, and both reports tend to provide similar results.

What is the role of OPEC and OPEC+ in WTI Oil prices?

OPEC, the Organization of the Petroleum Exporting Countries, is a group of 13 oil-producing nations that collectively decide production quotas for member countries during semi-annual meetings. Their decisions can have a significant impact on WTI Oil prices. When OPEC decides to reduce quotas, it tightens supply, leading to higher oil prices. Conversely, when OPEC increases production, it can have the opposite effect. OPEC+ is an expanded group that includes ten additional non-OPEC members, most notably Russia. The decisions made by OPEC and OPEC+ members play a crucial role in shaping WTI Oil prices.

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Riposte Capital Urges SilverBow Resources to Overhaul Board Amid Governance Concerns

SilverBow Resources Inc, a U.S. oil and gas producer, is facing pressure from major investor Riposte Capital to revamp its board in order to address governance concerns and improve its underperforming performance. The hedge fund, which currently holds a 6.7% stake in SilverBow, has called for the appointment of three new directors to the board, as reported by Reuters.

In its latest letter, Riposte Capital emphasized the urgent need for new board members, particularly after the company’s failure to act on previous demands. The hedge fund criticized SilverBow’s pursuit of a strategy that has resulted in continued underperformance against its competitors.

SilverBow’s shares closed at $31.81 on Wednesday, reflecting a market capitalization of around $800 million. Despite a 12.5% gain this year, the company’s performance has still fallen behind the S&P Energy index, which experienced a 5% decline.

Riposte Capital’s argument stems from SilverBow’s lagging earnings multiple compared to its smaller peers, which may continue into 2024 according to the latest forecasts. The hedge fund further criticized the company’s recent deal to acquire assets from Chesapeake Energy, as it diluted existing shareholders by issuing new stock to finance the transaction.

Notably, Riposte Capital’s activism toward SilverBow is a rare occurrence, as the hedge fund has only expressed public displeasure towards companies in which it owns shares on a few occasions in recent years.

SilverBow Resources operates in South Texas’ Eagle Ford shale basin, covering approximately 180,000 net acres. The company’s pending acquisition of assets from Chesapeake Energy will expand its operations by an additional 42,000 net acres by the end of this year.


Q: What is Riposte Capital urging SilverBow Resources to do?
A: Riposte Capital is urging SilverBow Resources to revamp its board to address governance concerns and improve its performance.

Q: How much stake does Riposte Capital currently hold in SilverBow Resources?
A: Riposte Capital currently holds a 6.7% stake in SilverBow Resources.

Q: How has SilverBow Resources performed compared to its competitors?
A: SilverBow Resources has underperformed against its competitors, as indicated by its lagging earnings multiple.

Q: What was the purpose of SilverBow Resources’ deal with Chesapeake Energy?
A: SilverBow Resources acquired assets from Chesapeake Energy to expand its operations and acreage.