Now Available: Energen Resources To Acquire Permian Basin Properties In Wolfberry Trend

Sept. 23, 2010 - PRLog -- Energen Resources Corporation (Energen Resources) signed a purchase and sale agreement to acquire oil and gas properties located in the Wolfberry trend in the Permian Basin, from a private seller, for a purchase consideration of $185m and standard closing adjustments.  The acquisition comprises 8,700 net acres located in Martin County, Texas, in a prime location for development. The acquisition also includes 19 producing wells, and Energen has identified 142 Proved Undeveloped (PUD) locations and approximately 50 probable locations. The estimated proved reserves in the acquired properties total 18 million barrels of oil equivalent (MMboe) of which 16 MMboe (89%) are PUDs; sweet oil represents 65% of the total proved reserves; Natural Gas Liquids (NGL) comprise 22%; and natural gas makes up the remaining 13%. The acquisition also includes an estimated 6.2 MMboe of probable reserves. The transaction is expected to close on or before September 30, 2010. The transaction implies deal values of $10.29 per boe of proved reserves and $7.66 per boe of 2P reserves.

Scope

* Rationale behind the deal was to expand its business

Reasons to buy

* Develop a sound undestanding of the major M&A's, Partnerships, And Joint Ventures taking place in Asian Oil & Gas industry
* Identify the most lucrative segments to leverage on the growth oppurtunities available in the Indian oil & gas market
* Get a detailed analysis of a deal to enable you to take better decisions.

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Report Table of Contents:

1 Table of Contents 1
1.1 List of Tables 2
1.2 List of Figures 2
2 GlobalData Deal Analysis 3
2.1 Summary 3
2.2 Deal Overview 3
3 Energen Resources To Acquire Permian Basin Properties In Wolfberry Trend 3
3.1 Deal Overview 3
3.2 Deal in Brief 3
3.3 Energen Resources has Significant Operations in San Juan Basin and Permian Basin 3
3.4 Energen Resources is Enhancing its Business in Permian Basin Through Acquisitions 4
3.5 Wolfberry is Attracting Several Big Companies for Investment 5
3.6 Energen Resources is Strategically Enhancing its Core Assets 5
3.7 Deal Financials and Valuations 6
3.7.1 Companies Involved 6
3.7.2 Deal Financials 6
3.7.3 Deal Rationale 6
3.7.4 Detailed Target Information 7
3.7.5 Production and Reserves Information 7
3.7.6 Transaction Implied Values 8
3.7.7 Commodity Prices Information 8
3.7.8 Detailed Acquirer Information 9
4 Appendix 10
4.1 About Energy eTrack 10
4.2 Methodology 10
4.2.1 Coverage 10
4.2.2 Secondary Research 11
4.2.3 Primary Research 11
4.2.4 Expert Panel Validation 11
4.3 Contact Us 12
4.4 Disclaimer 12

1.1 List of Tables
Table 1: Reserve Estimation, 2010 5
Table 2: Wolfberry, Asset Acquisition Details, 2009-2010 5
Table 3: Companies Involved, 2010 6
Table 4: Financials of the Deal, 2010 6
Table 5: Target Information, 2010 7
Table 6: Target's Production and Reserves Information, 2010 7
Table 7: Company Valuation Multiples, 2010 8
Table 8: Commodity Prices in $, Last Close, 2010 8
Table 9: Acquirer Information, 2010 9

1.2 List of Figures
Figure 1: Energen Resources, Operational Map, 2010 4
Figure 2: GlobalData Methodology 10

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About Fast Market Research

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Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.