Gulf Oil and Gas accountACCOUNT

Warren Closed $352.5 Million Marcellus Acquisition

Source: www.gulfoilandgas.com 8/11/2014, Location: North America

Warren Resources, Inc. has closed on its previously announced acquisition of the Marcellus assets of Citrus Energy Corporation and two additional working interest owners for $352.5 million. The purchase price consisted of $40 million in Warren common stock priced at $6.00 per share, and approximately $312.5 million paid in cash, subject to further customary post closing adjustments.

In connection with the acquisition, Warren also entered into a five-year, Third Amended and Restated Credit Agreement, with Bank of Montreal, as Administrative Agent, which will provide for a maximum credit amount of $750 million and an initial borrowing base of $225 million.

"This acquisition provides Warren with scale and diversification into a new core basin and leverages Warren's engineering and operational expertise in exploiting known geologic resources," remarked Philip Epstein, Warren's Chairman and CEO. "Additionally, we are excited to have Citrus' Co-Founder and CEO, Lance Peterson, join our Board, and welcome the expertise that he and his team will bring to Warren."

For more information about related Opportunities and Key Players visit Shale Gas Projects

Shale Gas News in United States >>

Related Categories: Coalbed Methane  General  Heavy Oil  Methane Clathrate  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 

Related Articles: Coalbed Methane  General  Heavy Oil  Methane Clathrate  Oil Sands  Oil Shale  Shale Gas  Tight Gas  Tight Oil 


United States Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 |

More News

Related Links

Gulf Oil and Gas
Copyright 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.