Oil & Gas Exploration and Production

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Lonestar Resources Ltd updates on the eagle ford shale

Sunday, 3 May 2015 06:29pm EDT

Lonestar Resources Ltd:Announces that it has reached definitive agreements to acquire leasehold associated with about 6,122 gross / 4,047 net mineral acres in La Salle County, Texas.Says Lonestar’s independent engineering consultants estimates that Proved net reserves associated with these properties are 2.7 million barrels of liquids and 11.0 billion cubic feet of natural gas, or 4.5 million barrels of oil equivalent (MMBOE).

Ophir Energy plc announces completion of acquisition

Tuesday, 28 Apr 2015 02:00am EDT

Ophir Energy plc:Has completed acquisition of four deepwater Production Sharing Contracts (PSCs) in Indonesia from Niko Resources (Niko).Says this follows announcement of agreement to acquire interests in series of Niko's deepwater PSCs on Oct. 27, 2014.

TORC Oil & Gas Ltd announces acquisition in Southeast Saskatchewan; bought deal financing; and concurrent private placement to cornerstone investor

Monday, 27 Apr 2015 08:12am EDT

TORC Oil & Gas Ltd:Says it has entered into an agreement to acquire light oil assets.The strategic acquisition includes 4,750 boepd (approx. 98 pct light oil and liquids) of low decline, high netback, light oil producing assets in southeast Saskatchewan and Manitoba.In addition, the assets include ownership of freehold mineral title on more than 80 net sections of land in southeast Saskatchewan.Total consideration for the acquisition is $430 million, payable in cash.The effective date of the acquisition is May 1, with closing expected in June.TD Securities Inc. and National Bank Financial Inc. are acting as financial advisors to TORC with respect to the acquisition.CIBC and FirstEnergy Capital Corp. are acting as strategic advisors to TORC with respect to the acquisition.In conjunction with the acquisition, TORC's cornerstone investor, the Canadian Pension Plan Investment Board (CPPIB), has committed to invest up to a maximum of $149,985,000 through a private placement of subscription receipts (the CPPIB Investment).Additionally, TORC has entered into an agreement for a $250,480,000 bought deal prospectus offering of subscription receipts (the Bought Deal Financing) offered through a syndicate of underwriters for total gross equity proceeds of $400,465,000.

Arcan Resources Ltd enters into arrangement agreement with Aspenleaf Energy Ltd.

Wednesday, 22 Apr 2015 11:24am EDT

Arcan Resources Ltd:Announced that it has entered into an arrangement agreement with Aspenleaf Energy Limited pursuant to which Aspenleaf will, subject to certain conditions, acquire all of the issued and outstanding common shares of Arcan for $0.11 per share in cash.Scotiabank is acting as lead financial advisor to Arcan and has provided the board of directors of Arcan with a fairness opinion regarding the proposed transaction.RBC Capital Markets is also acting as a financial advisor to Arcan.Blake, Cassels and Graydon LLP is acting as legal counsel to Arcan.TD Securities Inc. is acting as exclusive financial advisor to Aspenleaf.Osler, Hoskin & Harcourt LLP is acting as legal counsel to Aspenleaf.The agreement provides for a $10.0 million termination fee payable by Arcan in certain circumstances if the arrangement is not completed by Arcan.And a reciprocal $10.0 million termination fee payable by Aspenleaf in certain circumstances if the arrangement is not completed by Aspenleaf.

Vanguard Natural Resources LLC announces deal to acquire LRR Energy LP for $539 million

Monday, 20 Apr 2015 08:00pm EDT

Vanguard Natural Resources LLC and LRR Energy LP:Entered into purchase agreement and plan of merger pursuant to which a subsidiary of Vanguard will merge into LRR Energy LP and, at same time, Vanguard will acquire LRE GP, LLC, general partner of LRR Energy, L.P. (collectively, LRR Energyor LRE).Total consideration is $251 million in Vanguard common units and assumption of LRE's net debt of $288 million.Says that as a result of transaction, LRR Energy and its general partner will become wholly owned subsidiaries of Vanguard.Transaction, which has been approved by the boards of directors of both companies.In addition, Vanguard will acquire all of the limited liability company interests in LRE GP, LLC in exchange for 12,320 Vanguard common units.Consideration to be received by LRE unitholders is valued at $8.93 per LRR Energy common unit based on Vanguard's closing price as of April 20.Vanguard and LRR Energy expect transaction to close in third quarter of 2015.Affiliates of Lime Rock Resources, LRE's largest unitholder (owning over 30 percent of its outstanding equity), have agreed to support and vote in favor of the transaction.

Vanguard Natural Resources LLC announces deal to acquire LRR Energy LP for $539 million

Monday, 20 Apr 2015 08:00pm EDT

Vanguard Natural Resources LLC and LRR Energy LP:Entered into purchase agreement and plan of merger pursuant to which a subsidiary of Vanguard will merge into LRR Energy LP and, at same time, Vanguard will acquire LRE GP, LLC, general partner of LRR Energy, L.P. (collectively, LRR Energyor LRE).Total consideration is $251 million in Vanguard common units and assumption of LRE's net debt of $288 million.Says that as a result of transaction, LRR Energy and its general partner will become wholly owned subsidiaries of Vanguard.Transaction, which has been approved by the boards of directors of both companies.In addition, Vanguard will acquire all of the limited liability company interests in LRE GP, LLC in exchange for 12,320 Vanguard common units.Consideration to be received by LRE unitholders is valued at $8.93 per LRR Energy common unit based on Vanguard's closing price as of April 20.Vanguard and LRR Energy expect transaction to close in third quarter of 2015.Affiliates of Lime Rock Resources, LRE's largest unitholder (owning over 30 percent of its outstanding equity), have agreed to support and vote in favor of the transaction.

SK C&C to merge with SK Holdings

Sunday, 19 Apr 2015 09:32pm EDT

SK C&C Co Ltd:SK C&C to merge with SK Holdings to adjust its financial structure and improve competitiveness.Merger ratio is 1:0.7367839 for common shares and 1:1.1102438 for preferred shares between SK C&C and SK Holdings.26,360,334 common shares and 566,135 preferred shares will be issued for this merger and expect to be listed on Aug 17.Merger effective date is Aug 1.After the merger, SK C&C will survive and SK Holdings will be dissolved.

Kelt Exploration and Artek Exploration complete plan of arrangement

Thursday, 16 Apr 2015 06:21pm EDT

Kelt Exploration Ltd and Artek Exploration Ltd:Announce acquisition by Kelt of all of the issued and outstanding common shares of Artek pursuant to the previously announced plan of arrangement between Kelt, Artek and the shareholders of Artek.Anticipates that the Artek Shares will be delisted from trading on the Toronto Stock Exchange within two to three business days following the date hereof.Peters & Co. Limited acted as exclusive financial advisor to Artek with respect to the Arrangement.

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