Jul. 24, 2014, 7:27 AM
- Breitburn Energy Partners (NASDAQ:BBEP) agrees to acquire QR Energy (NYSE:QRE) in a unit-for-unit exchange implying a transaction value of ~$3B.
- QR unitholders will receive ~72M common units of BBEP, or 0.9856 of a unit, for each unit of QR Energy they own; the consideration to be received by QR unitholders is valued at $22.48/unit, a 19% premium to yesterday's closing price.
- BBEP's senior management team will lead the combined company; once the deal closes, BBEP will add a new director to its board that is mutually agreed upon by both companies.
- QRE +8.8%, BBEP -3.1% premarket.
Jan. 2, 2013, 8:10 PM
QR Energy (QRE) has acquired $145M of oil properties located in the Jay field in the Florida Gulf Coast area from its sponsor, Quantum Resources Fund. The deal was closed on Friday and was financed with cash and borrowings under the firm's bank credit facility. Current net production from the mature wells comes to approximately 2500 Boed (90% oil and 10% NGLs), with estimated reserves of 11.3M Boe as of December 31. FY13 adjusted EBITDA for the properties is expected to exceed $35M. Shares +1.21% AH.| Jan. 2, 2013, 8:10 PM | 6 Comments
Sep. 12, 2011, 10:06 AM
QR Energy (QRE +3.6%) agrees to pay $557M in a cash-and-unit transaction to acquire oil and natural gas properties from Quantum Resources Funds, a deal that more than doubles the company’s production capacity and reserves.| Sep. 12, 2011, 10:06 AM