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BRIEF-Lonestar Resources to acquire oil and gas properties in Eagle Ford Shale play
May 30, 2017 / 11:41 AM / 4 months ago

BRIEF-Lonestar Resources to acquire oil and gas properties in Eagle Ford Shale play

May 30 (Reuters) - Lonestar Resources US Inc

* Lonestar Resources announces major acquisitions

* Lonestar Resources US Inc says entered into definitive agreements with unaffiliated parties to acquire oil and gas properties in Eagle Ford Shale play

* Lonestar Resources US Inc says total purchase price of about $116.6 million, consisting of $105 million in cash and 2.6 million lonestar class a common shares

* Lonestar Resources US Inc - Lonestar has also entered into definitive agreements that fully fund purchase of properties.

* Lonestar Resources US - after consummating acquisitions, lonestar reaffirms its spending plan of $62 to $72 million on drilling and completion operations in 2017

* Lonestar Resources US Inc says 2017 capital budget will be funded by cash flow and proceeds from financing

* Lonestar Resources US -after consummating acquisitions, lonestar reaffirms spending plan of $62 million to $72 million on drilling and completion operations in 2017

* Lonestar Resources US- financing for deals fully committed with private placement of convertible preferred stock, borrowings from senior credit facility

* Lonestar Resources US Inc - in conjunction with financing of acquisitions, Lonestar plans to retire remaining $17.0 million of its second lien notes

* Lonestar Resources US Inc - plan to increase eagle ford shale drilling rig activity from 1 rig to 2 rigs no later than January 1, 2018

* Lonestar Resources US - has received commitments to amend senior secured facility upon completion of acquisitions to increase borrowing base to $160 million

* Lonestar Resources US - assuming transactions closed as of Dec 31, 2016, raises net oil and gas production by 39 pct to 7,318 boepd, proforma quarter March 31, 2017 Source text for Eikon: Further company coverage:

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