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Warren Resources to acquire Marcellus assets of Citrus Energy for $352.5 million


Published Jul 8, 2014
Warren Resources, Inc.-2

Warren Resources, Inc. has executed a purchase and sale agreement to acquire essentially all of the Marcellus assets of Citrus Energy Corporation (Citrus) and two additional working interest owners for $352.5 million.

As part of the total consideration, Warren will issue $40 million in Warren common stock priced at $6.00 per share, with the remainder to be funded through fully committed debt financing. This acquisition provides Warren with a substantial new basin platform in the prolific Marcellus Shale and adds a new core area to Warren's existing California oil and Wyoming natural gas assets.

Tags: Warren Resources




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