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Stock Market & Financial Investment News

News Breaks
January 22, 2013
14:49 EDTATLSING Groep reports 5.56% passive stake in Atlas Energy
News For ATLS From The Last 14 Days
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September 24, 2014
08:46 EDTATLSAtlas 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.

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