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February 14, 2014
09:04 EDTGMET, ARPAtlas 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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