SM Energy to acquire Midland Basin acreage for $980M

SM Energy (NYSE:SM) – has agreed to acquire nearly 25K net acres in Howard County, Tex., from Rock Oil Holdings for $980M. The deal expands SM’s Midland Basin footprint to 46,750 net acres and includes ~4,900 boe/day net production, with two new wells coming online this month, and 6M boe of proved developed producing reserves. To fund the deal, SM plans a public offering of 15M common shares, with an underwriters option to purchase up to another 2.25M shares, and an offering of $100M of senior convertible notes due 2021. SM also says it expects to run one rig in the Permian Basin in Q4 and two rigs throughout 2017, prompting it to raise its estimate of 2016 total capital spending by $15M-$20M.


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