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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.
News For QRE From The Last 14 Days
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October 20, 2014
08:33 EDTQREBreitBurn Energy provides update on QR Energy acquisition
Breitburn Energy Partners LP (BBEP) announced that the Registration Statement on Form S-4 concerning Breitburn’s acquisition of QR Energy, LP (QRE) was declared effective by the SEC on October 17, 2014. QR Energy will hold a special meeting of its unitholders on November 18, 2014, at 2:00 p.m., Central Time, at the Four Seasons Hotel, 1300 Lamar Street, Houston, Texas. QR Energy unitholders of record at the close of business on October 13, 2014, will be entitled to receive notice of the special meeting and to vote at the special meeting. The transaction, which was announced on July 24, 2014, was unanimously approved by the boards of directors of Breitburn and QR Energy. In addition, certain QR Energy unitholders owning approximately 37% of the votes of the outstanding QR Energy units have agreed to vote in favor of the transaction. Completion of the transaction is subject to the approval of QR Energy unitholders and customary closing conditions. The transaction is expected to close in late November.

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