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Stock Market & Financial Investment News

News Breaks
July 7, 2014
06:14 EDTWRESWarren Resources acquires Marcellus assets for $352M
Warren Resources announced that it has executed a purchase and sale agreement to acquire essentially all of the Marcellus assets of Citrus Energy Corporation and two additional working interest owners for $352.5M. As part of the total consideration, Warren will issue $40M in Warren common stock priced at $6.00 per share, with the remainder to be funded through fully committed debt financing. This acquisition provides Warren with a substantial new basin platform in the prolific Marcellus Shale and adds a new core area to Warren's existing California oil and Wyoming natural gas assets. The assets are currently producing approximately 82M net cubic feet per day of natural gas, as of June. Estimated net proved reserves, as of the July 1 economic effective date, totaled approximately 208.3B cubic feet, 55% proved developed, as estimated by Netherland, Sewell & Associates, Inc., Warren's independent petroleum engineering firm. To finance the purchase and complete the transaction, Warren has obtained committed financing from Bank of Montreal and its affiliates, including an increase in its senior secured credit facility from $300M to $750M, along with an increase in the borrowing base from $175M to $225M in conjunction with the acquisition. Additionally, Bank of Montreal and BMO Capital Markets have provided the Company a commitment for $250M in the form of a senior unsecured bridge loan, which is expected to remain unutilized as the company plans to put in place permanent financing before the anticipated closing date in early August.
News For WRES From The Last 14 Days
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November 12, 2014
07:15 EDTWRESWarren Resources management to meet with Brean Capital
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