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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.
News For ARP;GMET From The Last 14 Days
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September 29, 2014
10:00 EDTARPOn The Fly: Analyst Initiation Summary
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06:59 EDTARPAtlas Resource Partners initiated with a Buy at Stifel
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September 24, 2014
08:48 EDTARPAtlas Resource announces class D cumulative redeemable preferred offering
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08:46 EDTARPAtlas Resource Partners to acquire Eagle Ford assets for $225M
Atlas Resource Partners (ARP) announced that it has entered into a definitive agreement to acquire oil assets in the Eagle Ford Shale in south Texas for $225M. The assets consist of 22 producing wells and 19 undeveloped locations containing estimated net reserves of approximately 12 million barrels of oil equivalent. ARP's board has approved the transaction, which is expected to close in the fourth quarter 2014 with an effective date of July 1, 2014. The company will pay $200M of the purchase price upon closing, subject to customary purchase price adjustments, with the remainder of the purchase price paid in installments in 2015. In connection with the acquisition, Atlas Energy's (ATLS) E&P development subsidiary will purchase eight wells that have been drilled but not completed and 53 undeveloped drilling locations for approximately $115M, which is to be paid in the twelve months following closing. ARP will acquire oil-rich production in Atascosa County, TX, located in the oil window of the Eagle Ford Shale. The production is comprised of approximately 87% oil, 7% natural gas liquids and 6% natural gas from 22 producing wells, from which the Company expects net daily production to average approximately 1,900 barrels of oil equivalents per day in 2015. ARP's oil and liquids production is expected to increase as a result of the acquisition to approximately 25% of ARP's total daily oil and gas production. In addition to the oil-producing assets, ARP will acquire 19 undeveloped drilling locations in the Eagle Ford position. The Company expects that these drilling locations will provide valuable inventory for ARP's investment partnership business. The Eagle Ford assets also have contracted agreements for gathering and processing capacity as well as salt water disposal.
September 16, 2014
07:48 EDTGMETGeoMet to host special shareholder meeting
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