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December 3, 2012
08:10 EDTRENResolute Energy acquires oil production and acreage, expands Permian Basin
Resolute Energy announced that it has entered into a definitive agreement to acquire oil assets, including existing production and undeveloped acreage, in the Permian Basin of Texas and southeast New Mexico from a private party for a purchase price of approximately $120M. The transaction is expected to close on or about December 21.  The company expects to finance the acquisition with debt.  The transaction has an effective date of August 1, and is subject to customary conditions and purchase price adjustments. Combined, the acquired properties produced a net 1,418 barrels of oil equivalent per day in the third quarter of 2012 and had estimated proved reserves of 4.1 million Boe, of which 73% is crude oil.  The company believes that there may be significant additional resource potential in excess of the reserves currently categorized as proved. 
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