Warren Resources Inc. (NASDAQ: WRES) detailed financial updates on Aug. 11.
The company closed its acquisition of Citrus Energy Corp.’s Marcellus assets for $352.5 million, Warren said, noting that the total price was divided. About $312.5 million was paid in cash, while $40 million worth of common stock was priced at $6 per share, the company added.
Alongside the acquisition, the company entered a five-year third amended and restated credit agreement which has a maximum credit amount of $750 million and an initial borrowing base of $225 million, Warren said. The Bank of Montreal was the administrative agent, the company noted.
"This acquisition provides Warren with scale and diversification into a new core basin and leverages Warren's engineering and operational expertise in exploiting known geologic resources," said chairman and CEO Philip Epstein.
New York-based Warren Resources Inc. develops and produces domestic oil and natural gas.
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