Wall Street's Augury: Sanchez Energy (NYSE:SN)
Post# of 58
Posted On: 05/22/2014 12:09:43 PM
The trading levels of Sanchez Energy Corporation (SN) exploded to all time high on Thursday's market activity, after the company reported a definitive agreement to acquire oil and gas properties to be named Catarina in the Eagle Ford region of south Texas from Royal Dutch Shell Plc for about $639 million, subject to usual and customary closing adjustments..
The assets, consisting of 60 MMBOE of proved reserves and 24,000 BOE/D of average first quarter 2014 production (60% liquids), are located on approximately 106,000 net acres in Dimmit, LaSalle, and Webb Counties, Texas.
This additional acreage is expected to bring the total SN position in the Eagle Ford to approximately 226,000 acres with up to 3,000 potential drilling locations and average first quarter 2014 pro forma production of approximately 42,800 BOE/D.
According to SN , the acquired assets are expected to generate a substantial amount of near term cash flow and fully fund their drilling and completion activities in 2015, with only a modest outspend in 2014.
Sanchez Energy Corporation (SN) is an independent exploration and production company focused on the acquisition and development of unconventional resources in the onshore U.S. Gulf Coast, with a current focus on the Eagle Ford Shale.
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CRWE-PR Finance www.finance.crwe-pr.com/2014/05/22/wall-streets-augury-sanchez-energy-nysesn
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The assets, consisting of 60 MMBOE of proved reserves and 24,000 BOE/D of average first quarter 2014 production (60% liquids), are located on approximately 106,000 net acres in Dimmit, LaSalle, and Webb Counties, Texas.
This additional acreage is expected to bring the total SN position in the Eagle Ford to approximately 226,000 acres with up to 3,000 potential drilling locations and average first quarter 2014 pro forma production of approximately 42,800 BOE/D.
According to SN , the acquired assets are expected to generate a substantial amount of near term cash flow and fully fund their drilling and completion activities in 2015, with only a modest outspend in 2014.
Sanchez Energy Corporation (SN) is an independent exploration and production company focused on the acquisition and development of unconventional resources in the onshore U.S. Gulf Coast, with a current focus on the Eagle Ford Shale.
**
CRWE-PR Finance www.finance.crwe-pr.com/2014/05/22/wall-streets-augury-sanchez-energy-nysesn
Read Full Disclaimer at www.finance.crwe-pr.com/disclaimer
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