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Stock Market & Financial Investment News

News Breaks
February 14, 2014
09:04 EDTARP, GMETAtlas Resource acquires natural gas production in West Virginia for $107M
Atlas Resource Partners (ARP) announced that it has entered into a definitive agreement to acquire approximately 70 Bcfe of natural gas proved reserves in West Virginia and Virginia from GeoMet (GMET) and certain of its subsidiaries for $107M with an effective date of January 1, 2014. The acquisition is expected to be immediately accretive to ARPís distributable cash flow per unit. The purchase price is subject to customary adjustments to implement the effective date. The transaction is subject to, among other items, approval from GeoMetís stockholders. ARP expects to benefit from the mature, low-decline production from the acquired assets. The company said it expects approximately 70 Bcfe of proved reserves in West Virginia and Virginia, 100% natural gas and proved developed, current net production of approximately 22M cubic feet equivalents per day from over 400 active wells, current expected decline rate of approximately 10-12%, current production costs, lease operating costs of approximately $1.20/mcf; production and ad valorem taxes of approximately 10% and transportation and gathering of approximately $0.40/mcf.
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April 23, 2014
15:47 EDTARPAtlas Resource Partners backs FY14 distribution view of $2.40-$2.60 per unit
ARP has declared a monthly cash distribution for March 2014 of $0.1933 per common unit, $2.32 on an annualized basis. The March 2014 distribution is payable Thursday, May 15 to holders of record as of Wednesday, May 7. ARP also reiterates it's previously stated 2014 distribution guidance of $2.40 to $2.60 per common unit. Matthew A. Jones, President of ARP, stated, "We are pleased to declare our most recent monthly distribution, as we prepare our business for future growth. We continue to make significant progress in all of our areas of production, and our asset portfolio has never been better positioned to capitalize on additional opportunities to expand our operations and increase cash flow."

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