Sanchez Energy Closes Eagle Ford Acquisition

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
280MM
Description

Closed the acquisition of producing properties in Texas.

Sanchez Energy Corp. (NYSE: SN) closed the previously announced acquisition of Eagle Ford shale assets from Hess Corp. (NYSE: HES) with an effective date of March 1.

Including the US $13.25 million deposit previously paid, total consideration for the acquisition was US $280.4 million, which includes the US $265 million purchase price and US $15.4 million in normal and customary closing adjustments. The final purchase price is subject to further customary post-closing adjustments. The transaction was funded from cash on hand from the net proceeds of the US $225 million of preferred stock and drawings under the company's first lien credit facility.

Sanchez Energy Corp. is an independent energy company focused on the acquisition, exploration, and development of unconventional oil and natural gas resources. The company is headquartered in Houston.