“Atlas Energy Makes $340M Entrance Into Eagle Ford Shale” ; September 24, 2014
Pennsylvania-based Atlas Energy LP is planting its flag in the oil-rich Eagle Ford shale of south Texas, saying Wednesday that it has agreed to buy several producing wells and undeveloped drilling locations for $225 million and several incomplete wells and other drilling locations for another $115 million.
The master limited partnership said that Atlas Resource Partners LP — of which Atlas Energy serves as the general partner — has agreed to acquire 22 producing wells and 19 undeveloped locations from an unnamed seller that contain estimated net reserves of approximately 12 million barrels of oil equivalent. ARP will pay $200 million upon the closing of the deal, expected in the fourth quarter of this year, and the remaining $25 million in three quarterly installments starting March 31, 2015.
The sellers are represented by Thompson & Knight LLP.