Post Tagged with: "common stock"

Source: PDC Energy

PDC Energy to Acquire SRC Energy

By Tyler Losier, Energy Reporter, Oil & Gas 360 PDC Energy to acquire SRC Energy in all-stock transaction valued at approximately $1.7 billion PDC Energy Inc. (stock ticker: PDCE), an independent E&P based out of Denver, has entered into a definitive agreement to acquire SRC Energy Inc. (stock ticker: SRCI), also located in Denver, in an all-stock transaction valued at approximately $1.7 billion, including SRC’s net debt of approximately $685 million as of June 30, 2019. This consideration represents a premium of 6.8% to the 30-day average exchange ratio of 0.148x. Under the terms of the two companies’ agreement, SRC shareholders will receive 0.158 shares of PDC for each share of SRC common stock owned, representing an… Login or click here to subscribe Username or E-mail Password Remember Me     Forgot Password

Source: Occidental Petroleum

Occidental Closes on Anadarko

By Tyler Losier, Energy Reporter, Oil & Gas 360 Occidental Petroleum completes its $55 billion takeover of Anadarko Petroleum Occidental Petroleum Corporation (stock ticker: OXY), led by President and CEO Vicki Hollub, has completed its acquisition of Anadarko Petroleum Corporation (stock ticker: APC) in a deal worth $55 billion, including the assumption of Anadarko’s debt. The closing of the transaction follows a special meeting held earlier today by Anadarko’s shareholders, where more than 99% of the shares voted in favor of the Occidental merger. As part of the deal, Anadarko shareholders will receive $59 in cash and 0.2934 shares of Occidental stock for every share of Anadarko common stock that they own. “With Anadarko… Login or click here to subscribe

Source: Amplify Energy

Shareholders of Amplify Energy and Midstates Petroleum Greenlight Merger

By Tyler Losier, Energy Reporter, Oil & Gas 360 Amplify Energy and Midstates Petroleum to merge after receiving shareholder approval Amplify Energy Corporation (stock ticker: AMPY), a Houston-based independent E&P, has received the necessary shareholder approval for its previously announced all-stock merger-of-equals transaction with Midstates Petroleum Company (stock ticker: MPO). Likewise, Midstates’ shareholders also signed off on the deal at the company’s annual meeting late last week as well. The transaction, expected to close on August 6, will still be subject to the satisfaction of any remaining customary closing conditions. Amplify Energy’s current assets (source: Amplify Energy) As part of the transactio… Login or click here to subscribe

What’s Worth More to the State of Texas—Land or Oil?

Junior Canadian Texas and New Mexico Producer Goes Public

Permex Petroleum Corporation (ticker: OIL) has completed its initial public offering of 8,135,500 common shares at a price of $0.50 per share for proceeds of $4,067,750. The shares were listed on the Canadian Securities Exchange (CSE) on May 15, 2018 and started trading this morning (May 17, 2018) under the ticker “OIL.” Returning shut in wells to production in the Midland, Permian, Delaware, Fort Worth basins The company’s business model is to use proceeds from the offering to enhance and develop existing properties by returning shut in wells to production, initiating planned waterflood activities, re-entering and stimulating wells that indicate the most potential for production, infill drilling on shallow fields and asset acquisitions. Properties The company has approximately 5,200 net acres of HBP oil and gas assets in Texas and New Mexico. As of March 2018, the company is looking at 33 shut-in opportunities to be brought back online. The[Read More…]

LINN Energy Begins Tender Offer to Purchase up to 7.4 Million Shares of Common

LINN Energy Begins Tender Offer to Purchase up to 7.4 Million Shares of Common

LINN Energy, Inc. (ticker: LNGG) announced the commencement of a tender offer to purchase for cash up to 7,386,364 shares of its Class A common stock. The stock purchase price will be $44.00 per share, the company said in a brief statement. The number of shares proposed to be purchased in the tender offer represents approximately 8.8% of the company’s Class A common stock.  On December 19, 2017 the closing price for the company’s Class A common stock was $37.85 per share. Stockholders will receive the purchase price in cash, subject to applicable withholding and without interest, subject to the conditions of the tender offer, including the provisions relating to proration and conditional tenders in the event that the number of shares properly tendered and not properly withdrawn exceeds 7,386,364. According to LINN Energy’s press release, The tender offer will not be conditioned upon any minimum number of shares being[Read More…]

December 20, 2017 - 4:49 pm Closing Bell Story
PetroQuest Enhances Liquidity

PetroQuest Enhances Liquidity

PetroQuest Energy (ticker: PQ) has taken steps to enhance the liquidity of the company and shore up the balance sheet. The company announced that it is commencing an exchange offer for its outstanding 10% senior notes due 2017, and outstanding second lien senior secured notes due 2021. The noteholders have the option of receiving the New Notes and/or common stock. PetroQuest plans to issue up to $280 million in New Notes and issue 3,517,000 shares of common stock as part of the exchange offer. The New Notes will have substantially identical terms to the 2021 Notes, except that the interest on the New Notes may be paid, at the option of the company, at the rate of 1.00% per annum in cash and 9.00% per annum in kind for the first three interest payments after issuance and is otherwise payable in cash at the rate of 10% per annum. In[Read More…]