Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/sanchez-energy-to-acquire-approximately-40000-net-.shtmlSanchez Energy to acquire approximately 40,000 net acres in Tuscaloosa Marine Shale trend
Sanchez Energy Corporation has entered into agreements pursuant to which and upon closing Sanchez Energy would acquire
Edit page New page Hide edit links
Sanchez Energy Corporation has entered into agreements pursuant to which and upon closing Sanchez Energy would acquire approximately 40,000 net undeveloped acres in the core of the Tuscaloosa Marine Shale (TMS) trend for cash and shares of its common stock plus an initial 3 well drilling carry.
Pursuant to the terms of the agreements, Sanchez Energy established an Area of Mutual Interest ("AMI") with its affiliate SR Acquisition I, LLC ("SR") in the Tuscaloosa Marine Shale. As part of the transaction, Sanchez Energy will acquire all of the working interests in the AMI owned by an unaffiliated private equity firm plus a portion of SR's working interests, resulting in Sanchez Energy owning an undivided 50% working interest across the AMI through the TMS formation. The AMI holds rights to approximately 115,000 gross acres and 80,000 net acres.
