Arbitrage Trader • 33 Comments
Wed, Oct. 5, 8:28 AM
- Resolute Energy (NYSE:REN) +3.9% premarket after agreeing to acquire Delaware Basin oil and gas properties from Firewheel Energy, a portfolio company of EnCap Investments, for $135M in cash and stock.
- The deal includes interests in 13 horizontal and 15 vertical wells which produce ~1,200 boe/day, and substantially all of the production and proved reserves are located within the REN-operated Mustang project area in Reeves County, Tex.
- REN says the ~3,300 acres to be acquired represents a 25% increase in its net acreage in Reeves County while leaving gross acreage position essentially unchanged, as the company already owns interests in all of the same properties.
Dec. 3, 2012, 4:56 PM
Resolute Energy (REN) this morning agreed to buy Permian Basin assets in Texas and New Mexico from an undisclosed private party for ~$120M. The combined properties produced ~1,418 bbl/day in Q3, about 64% of which was oil; they hold estimated proved reserves of 4.1M boe. REN says it expects to finance the deal with debt.| Dec. 3, 2012, 4:56 PM