Richard Zeits • 13 Comments
Mon, Oct. 24, 5:25 PM
- Carrizo Oil & Gas (NASDAQ:CRZO) -1% AH after agreeing to acquire Eagle Ford Shale properties from Sanchez Energy (NYSE:SN) for $181M.
- The deal includes ~15K net bolt-on acres located primarily in the volatile oil window of the Eagle Ford Shale, with estimated net production during September of ~3,100 boe/day (61% oil) from 93 net wells; following the closing of the deal, CRZO will hold more than 100K net acres in the Eagle Ford.
- CRZO also provides Q3 production guidance of 40,762 boe/day, +13% Y/Y, primarily due to stronger than expected results from its Eagle Ford and Delaware Basin assets.
- To help fund the deal, CRZO launches a 5M-share public offering, with an underwriters option to purchase up to an additional 750K common shares.
May 11, 2015, 11:27 AM
- Some analysts say Noble Energy’s (NBL -7.5%) acquisition of Rosetta Resources (ROSE +25.5%) is the deal that will finally open the floodgates of M&A activity in the oil patch.
- The premium for ROSE is below average for the sector over the past five years, suggesting there are more mergers to come, says Oppenheimer's Fadel Gheit, and the sale shows that M&A was “arguably” a cheaper option for growth than organic investment, according to Morgan Stanley's Martijn Rats.
- SunTrust's Neal Dingmann sees Matador Resources (MTDR -0.9%), Callon Petroleum (CPE -0.5%) and Carrizon Oil & Gas (CRZO -1.8%) as the most likely targets for acquisitive eyes.
Oct. 4, 2012, 7:41 AM
Oil India Ltd. and Indian Oil Corp. jointly purchase a 30% stake in Carrizo Oil & Gas' (CRZO) Niobrara shale assets in Colorado for $82.5M. CRZO holds 61,500 gross acres in the Niobrara basin, of which the Oil India-IOC consortium will have 18,450 acres. The deal marks the first investment by the Indian state companies in U.S. shale assets. CRZO +3.3% premarket.| Oct. 4, 2012, 7:41 AM