Deals this week: Penn Virginia Corporation, Rockcliff Energy II, Genesis Energy


Penn Virginia Corporation has agreed to pay $205m for the acquisition of Eagle Ford oil and gas assets located in Lavaca County, Texas, US, from Devon Energy Corporation.

The purchase consideration will be funded by Penn Virginia through a committed debt financing and borrowings under its credit facility.

The assets extend across an area of approximately 19,600 net acres holding net proved developed producing reserves of 6.3mmboe. The transaction also includes the sale of an infield gathering and compression system.

Penn Virginia has appointed Gibson, Dunn & Crutcher as legal advisor for the transaction, which is scheduled for completion by 30 September.

The acquisition will allow Penn Virginia to expand its oil and gas assets portfolio in Texas.

Rockcliff Energy II, through its affiliate, has agreed to acquire oil and gas assets located in East Texas and North Louisiana, US, from Samson Resources II for $525m.

The assets extend across an area of approximately 210,000 net acres. The net production from the assets is estimated at approximately 90mmcfed.

Rockcliff Energy has appointed Locke Lord as legal advisor, while Samson Resources has retained Willkie Farr & Gallagher as legal advisor for the transaction.

The transaction will allow Rockcliff Energy to extend its oil and gas assets portfolio in Texas and Louisiana.

The proceeds from the sale are intended to be used by Samson Resources to settle its outstanding debt and senior secured revolving credit facility, and to fund its capital needs in 2018.

The transaction is scheduled for completion by 29 September.

"Rockcliff Energy II, through its affiliate, has agreed to acquire oil and gas assets located in East Texas and North Louisiana, US, from Samson Resources II for $525m."

Genesis Energy intends to raise $748.36m through the issue of 22.2 million Class A convertible preferred units in a private placement. The units bear a dividend rate of 8.75% per annum.

The issue will be subscribed to by KKR Global Infrastructure Investors II (KKR) and GSO Capital Partners.

Birchcliff Energy has agreed to dispose of Worsley Charlie Lake Light Oil Pool properties and related assets located in the Peace River Arch area, Alberta, Canada, for $80.13m.

The assets hold proved plus probable reserves of 38.9mmboe and are anticipated to produce 3,080boed this year.

The proceeds from the sale are intended to be used by the company to reduce its indebtedness and for general corporate purposes.

Scheduled for completion by 31 August, the transaction will allow Birchcliff Energy to focus on its premium-quality assets on the Montney / Doig Resource Play.

Eco-Stim Energy Solutions intends to raise $28m through the issue of 19.5 million common shares at a price of US$1.43 per stock in a private placement.

The placement will be subscribed to by various new institutional investors and two existing stockholders.

The proceeds from the placement are intended to be used by the company to fund capital expenditures and working capital requirements and for general corporate purposes.

The private placement is scheduled for closure on 8 August.