PDC Energy Inc :
* PDC Energy announces entry into the core Delaware basin through transformative acquisition of approximately 57,000 net acres
* Deal for $1.5 billion
* Company intends to fund cash portion of acquisition through potential equity and debt financings prior to closing
* Consideration in transaction includes about $915 million of cash and about 9.4 million shares of PDC common stock privately placed to sellers and valued at about $590 million
* In remainder of year, company plans to spud approximately nine horizontal wells
Through committed financing from J.P. Morgan, Co secured incremental liquidity, bringing its current liquidity to approximately $1.4 billion
* Finishing completion operations on two horizontal wells and plans to operate two drilling rigs by year-end 2016 in Delaware basin
* To expand certain midstream infrastructure for an expected total capital outlay of approximately $55 to $65 million for Delaware basin
* Agreements to acquire two privately held companies managed by Kimmeridge Energy Management Company.
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Source: Reuters.com
