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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.
News For QRE From The Last 14 Days
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July 24, 2014
06:49 EDTQREQR Energy sees FY14 average net daily production 19,900-20,500 boed
Sees FY14 CapEx $182M
06:48 EDTQREQR Energy sees Q3 average net daily production 20,500-21,000 Boed
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06:47 EDTQREQR Energy reports Q2 average production up 8% to 20,264 Boe per day
06:47 EDTQREQR Energy reports Q2 revenue $133.3M, consensus $130.3M
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06:34 EDTQREBreitBurn Energy to acquire QR Energy for $3B
Breitburn Energy (BBEP) and QR Energy (QRE) signed a definitive merger agreement pursuant to which Breitburn will acquire QR Energy in a unit-for-unit exchange implying a transaction value of approximately $3.0B, including QR Energy’s existing net debt and outstanding Class C Convertible Preferred Units. As a result of the merger, Breitburn's pro forma enterprise value will be approximately $7.8B with current average daily production of approximately 57,300 boe/d, 67% liquids. The transaction is expected to be accretive to distributable cash flow per unit, and upon closing of the transaction, Breitburn has agreed to recommend to its Board a distribution increase to $2.08 per unit on an annualized basis. The transaction is expected to close in late 2014 or early 2015.

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