Jones Completes Anadarko Basin Acquisition For $195 Million

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
$193.5MM
Description

Acquired an additional 13.5 MMBOE of proved reserves and over 220 drilling locations in the Anadarko Basin.

Jones Energy Inc. (NYSE: JONE) announced Dec. 18 the closing of its acquisition of oil and gas properties in the Anadarko Basin from Sabine Oil & Gas LLC for $195 million.

The assets acquired include about 26,000 net acres in the Cleveland, Tonkawa and Marmaton plays in the Texas Panhandle and western Oklahoma. The Austin, Texas, company has built its production and acquisition in the Anadarko and Arkoma basins in Texas and Oklahoma and has 25 years of operational experience in the area.

The acquisition is a bolt-on to the company’s Cleveland play and adds an additional 186 locations. Overall, it adds 40% to Jones’ Cleveland acreage and a 35% increase in Cleveland locations.

The company funded the acquisition with borrowings under its revolving credit facility.