Warren Resources Inc. (WRES) announced that it has exercised its preferential rights to acquire additional oil, natural gas and midstream assets from subsidiaries of Anadarko Petroleum Corp (APC) in the Atlantic Rim Project area, Washakie Basin, Wyoming.
As per the preferential rights exercise, Warren has agreed to acquire up to 100% of Anadarko's working interest in the Spyglass Hill Unit area within the Atlantic Rim Project, consisting of approximately 47,015 net leasehold acres and an approximate 41.5% working interest therein, for a purchase price of approximately $14.4 million for all of Anadarko's interest.
Warren has agreed to acquire up to 100% of Anadarko's working interest in the Catalina Unit area within the Atlantic Rim Project, consisting of approximately 4,232 net leasehold acres and an approximate 19.5% working interest therein, for a purchase price of approximately $2.6 million for all of Anadarko's interest.
Warren has also agreed to acquire all of Anadarko's 50% interest in the gas gathering, compression and pipeline midstream assets within the Atlantic Rim Project for a purchase price of $4 million.
Warren elected to exercise its preferential rights to purchase Anadarko's interests after Anadarko advised the Company of an agreement to sell these assets to a third party.
Warren noted that depending upon the exercise of preferential rights to purchase the oil and gas assets held by other working interest owners in the Spyglass Hill and Catalina Units, the amount of working interests to be acquired by Warren and the purchase price to be paid by Warren could be reduced proportionately.
The effective date of the transaction is anticipated to be August 1, 2012 with the closing expected to occur on or about September 27, 2012.
Warren said it intends to finance the acquisition with cash-on-hand and borrowings under its senior credit facility, which has a borrowing base of $130 million and $30.5 million currently available.
In anticipation of closing the acquisition, the company has entered into NYMEX natural gas Swaps for 7 MMbtu per day at a price of $ 3.39 per MMbtu for 2013 and $3.78 per MMbtu for 2014.
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