Sundance Energy Australia Announces Acquisition of Eagle Ford Assets
DENVER, June 22, 2016 (GLOBE NEWSWIRE) — Sundance Energy Australia Limited (ASX:SEA) (“Sundance” or the “Company”), a U.S. onshore oil and gas exploration and production company focused in the Eagle Ford and Greater Anadarko Basin, is pleased to announce that it has entered into a Purchase and Sale Agreement for the acquisition of approximately 5,050 net acres targeting the Eagle Ford in McMullen County, Texas for $16.0 million.
The acquisition includes:
- 27 gross (9.6 net) wells, primarily operated by Sundance, that are expected to produce 600-700 boepd during the remainder of 2016;
- Total proved reserves of approximately 3.0 mmboe, 1.4 mmboe of which are attributed to producing wells.
Assuming a successful close of this transaction, the Company expects to achieve fourth quarter 2016 production of 8,600 – 9,500 boepd. The transaction, which is effective 1 May 2016, is subject to customary due diligence and closing conditions and is expected to close in late July 2016.
About Sundance Energy Australia Limited
Sundance Energy Australia Limited (“Sundance” or the “Company”) is an Australian-based, independent energy exploration company, with a wholly owned US subsidiary, Sundance Energy Inc., located in Denver, Colorado, USA.
The Company is focused on the acquisition and development of large, repeatable oil and natural gas resource plays in North America. Current activities are focused in the Eagle Ford and Greater Anadarko Basins. A comprehensive overview of the Company can be found on Sundance’s website at www.sundanceenergy.net.
The following disclaimer applies to this document and any information contained in it. The information in this release is of general background and does not purport to be complete. It should be read in conjunction with Sundance’s periodic and continuous disclosure announcements lodged with ASX Limited that are available at www.asx.com.au and Sundance’s filings with the Securities and Exchange Commission available at www.sec.gov/.
Forward Looking Statements
This release may contain forward-looking statements. These statements relate to the Company’s expectations, beliefs, intentions or strategies regarding the future. These statements can be identified by the use of words like “anticipate”, “believe”, “intend”, “estimate”, “expect”, “may”, “plan”, “project”, “will”, “should”, “seek” and similar words or expressions containing same.
These forward-looking statements reflect the Company’s views and assumptions with respect to future events as of the date of this release and are subject to a variety of unpredictable risks, uncertainties, and other unknowns. Actual and future results and trends could differ materially from those set forth in such statements due to various factors, many of which are beyond our ability to control or predict. These include, but are not limited to, risks or uncertainties associated with the discovery and development of oil and natural gas reserves, cash flows and liquidity, business and financial strategy, budget, projections and operating results, oil and natural gas prices, amount, nature and timing of capital expenditures, including future development costs, availability and terms of capital and general economic and business conditions. Given these uncertainties, no one should place undue reliance on any forward looking statements attributable to Sundance, or any of its affiliates or persons acting on its behalf. Although every effort has been made to ensure this release sets forth a fair and accurate view, we do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information, please contact: United States Eric McCrady, Managing Director Tel: +1 (303) 543 5703 Australia Mike Hannell, Chairman Tel: +61 8 8363 0388