Denver-based Patina Oil & Gas Corp. (NYSE: POG) has undertaken its largest acquisition to date by agreeing to buy Cordillera Energy Partners LLC, a privately held producer also based in Denver and whose principal shareholder is EnCap Investments LLC. The $244-million deal establishes a third core area for Patina-in the San Juan Basin-in addition to its holdings in Colorado's Wattenberg Field and the Midcontinent. Cordillera will receive $240.5 million cash plus five-year warrants to purchase 500,000 common shares of Patina at $45 each. The shares were trading at $36.80 late last week. The purchase will increase Patina's proved reserves by 235 billion cu. ft. of gas equivalent, or roughly 20%. The reserves are 93% gas and primarily in the Anadarko and San Juan basins. Net daily production from the properties currently exceeds 30 million cu. ft. of gas equivalent from 600 wells, and is generally from tight sand formations. The purchase is scheduled to close this month and is expected to be funded with borrowings under Patina's bank facility. The deal will be immediately accretive to cash flow and earnings.
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