Ellora Energy Announces Sale of Company for $695 Million
DENVER, July 20 /PRNewswire/ -- Ellora Energy today announced the execution of a definitive agreement and plan of merger with an undisclosed buyer.
Under the terms of the agreement, Ellora Energy stockholders will receive base consideration of $695 million in cash, which after adjustment for certain items is expected to result in approximately $13.10-13.35/share on a projected fully diluted share count basis. The transaction is subject to escrow and customary closing conditions, including approval by Ellora's stockholders. Under the terms of the agreement, $35 million will be placed in escrow. Proxy materials are expected to be sent to stockholders within the next 20 days with a stockholder vote anticipated before the end of August.
The Company's year-end 2009 Proved Reserves were 61 Bcfe excluding the properties in Kansas and Colorado that were sold on February 1, 2010, and were 99% gas and 48% Proved Developed. For the quarter ending June 30, 2010, company production was 13.2 MMcfe/d, and the company holds interests in approximately 46,000 net acres in the Haynesville / Bossier plays. In addition, Ellora owns an approximate 100-mile pipeline system in the area. At June 30, 2010, Ellora's estimated net working capital was approximately $125 million and bank debt was $0.
The reserve estimates using SEC guidelines were prepared by the Company's independent reserve engineers, Ryder Scott Company. Mayer Brown LLP has advised the Company as to the legal aspects of the transaction. Tudor, Pickering, Holt & Co. Securities, Inc. has provided a fairness opinion in connection with the merger.
ABOUT ELLORA ENERGY
Ellora Energy Inc. is an independent oil and gas exploration and production company headquartered in Boulder, Colorado. Ellora has oil and gas assets principally located in East Texas/Louisiana in the James Lime and Haynesville/Bossier shale plays.
Company Details
- Employees
- 10
- Founded
- -
- Industry
- Oil And Gas
- NAICS
-
Oil and Gas Extraction
- Website
- elloraenergy.com
- Keywords
- Mumbai.
- Competitors
- HouseCashin Fountain Valley Fast Cash Home Buyers Company, Ellora EPC Pvt. Ltd., HouseCashin Canoga Park Fast Cash Home Buyers Company, HouseCashin Humble Fast Cash Home Buyers Company, HouseCashin DeSoto Fast Cash Home Buyers Company, Cash House Buyers Houston, 639, LLC, ESSEN ENERGY CONVERSION DEVICES PRIVATE LIMITED, hexTerra, HouseCashin Santa Ana Fast Cash Home Buyers Company.
Ellora Energy Questions
Ellora Energy's website is elloraenergy.com
Ellora Energy's LinkedIn profile is https://www.linkedin.com/company/ellora-energy
Ellora Energy has
10 employees.
View email and phone details for 10
employees at Ellora Energy.
Ellora Energy's industry is
Oil and Gas
Ellora Energy's top competitors are
Housecashin Fountain Valley Fast Cash Home Buyers Company,
Ellora Epc Pvt. Ltd.,
Housecashin Canoga Park Fast Cash Home Buyers Company,
Housecashin Humble Fast Cash Home Buyers Company,
Housecashin Desoto Fast Cash Home Buyers Company,
Cash House Buyers Houston,
639, Llc,
Essen Energy Conversion Devices Private Limited,
Hexterra,
Housecashin Santa Ana Fast Cash Home Buyers Company.
Ellora Energy's categories are Oil and Gas
Ellora Energy's founding year is 1995
