Quest Energy Partners L.P. (QELP), a producer of natural gas and oil, Monday said it completed the purchase of natural gas and oil producing wells in the Appalachian Basin from Quest Resource Corp. (QRCP) for cash consideration of approximately $72 million.
The acquired wells have estimated proved developed reserves of 32.9 billion cubic feet of natural gas equivalent and current net production of approximately 3.2 million cubic feet of natural gas equivalent production per day. Quest Resource acquired the wells as part of its purchase of PetroEdge Resources LLC and sold the proved developed reserves to Quest Energy.
The company said it expects the acquisition would help to increase the distributions paid in August and November for the second and third quarters by 22% - 34% to an annual rate of $2.00 - $2.20, up from $1.64 currently.
Chairman and chief executive officer Jerry Cash said, "QELP is acquiring long-lived natural gas producing properties that are immediately accretive to distributable cash flow per unit, add geographic and geologic diversity, receive premium natural gas pricing, and offer numerous low-risk development opportunities."
Quest Energy funded the purchase with borrowings under its existing revolving credit facility and a $45 million six-month, bridge facility, while the borrowing base of the revolving credit facility was increased to $190 million from $160 million.
QELP is currently trading on Nasdaq at $16.65, up $1.07 or 6.87% on a volume of 125 thousand shares.
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