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Stock Market & Financial Investment News

News Breaks
January 2, 2013
18:36 EDTQREQR Energy acquires $145M in Florida Gulf Coast oil properties
QR Energy announced that it has acquired $145M of oil properties located in the Jay field in the Florida Gulf Coast area from its sponsor, Quantum Resources Fund. This transactions is expected to be immediately accretive to distributable cash flow; 2013 adjusted EBITDA for acquired properties expected to exceed $35M. Current net production of approximately 2,500 Boed is 90% oil and 10% NGLs and is 100% operated. The company estimates maintenance capital expenditures of approximately $11M per year and expects approximately $3M per year in incremental general and administrative expenses. The company's borrowing base is expected to increase from $730M to $900M based on Jay and recent East Texas acquisitions.
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