Apache CEO Steve Farris shrugged off the idea that his company’s $2.85 billion acquisition of Cordillera Energy Partners was a pricey one.

“I think a more important part of the story is that a tremendous amount of the 14,000 locations we’ve looked at,” he said Monday in an exclusive “Fast Money” interview.

The stock-and-cash deal will give Apache access to Cordillera’s 254,000 acres in the Andarko Basin and the Granite Wash, among other locations that produce the equivalent of 18,000 barrels of oil per day.

“From an economic standpoint, we think it’s a very good deal,” he said. “Don’t look at it as a gas acquisition. Look at it, really, as a liquids acquisition, not unlike what happened in the ’80s when you sold your gas to produce your liquids.”

Apache shares closed up 1.6 percent at $98.38.

Responding to questions about the company’s exposure to possible instability in Egypt, Farris said that government officials have been forthcoming and the situation was stable.

“I think the short answer is: Last year at this time we had 26 rigs running. Today we have 27 rigs running in Egypt,” he said. “We continue to be very active there. We see no changes whatsoever.”

Trader Tim Seymour thought the acquisition was “a great deal,” particularly when valuation is factored in and due to Apache’s sizeable cash reserves.

“They can fund this,” he said. “This is where these guys should be. They’re buying at the right time.”

Trader Joe Terranova also liked the deal, mentioning other names he liked in the natural gas space: Golar, Concho and Pioneer Natural Resources.

“We don’t want dry gas here,” he said. “We want liquid gas, or we want oil.”

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Trader disclosure: On Jan. 23, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Terranova is long VRTS; Terranova is long IBM; Terranova is long SU; Terranova is long SJM; Terranova is long BRCM; Terranova is long MUB; Terranova is long EMC; Terranova is long F; Terranova is long SBUX; Terranova is long V; Terranova is long AXP; Terranova is long APC; Terranova is long OXY; Terranova is long TRLG; Terranova is long JNPR; Terranova is long CSCO; Terranova is long WFM; Terranova is long XOM; Terranova is long UNG April $5 puts; Adami owns Citigroup (C); Adami owns Goldman Sachs (GS); Adami owns Microsoft (MSFT); Adami owns Agzium (AGU); Adami owns Nucor (NUE); Adami owns Peabody Energy (BTU); A family member of Guy Adami works at Merck (MRK); Seymour is long Apple (AAPL); Seymour is long Cisco (CSCO); Seymour is long Bank of America (BAC); Nations is long Microsoft (MSFT); Nations is long Bank of America (BAC); Nations is long Citigroup (C);

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