Eclipse Resources Corporation (NYSE:ECR) (the “Company” or “Eclipse Resources”) and Blue Ridge Mountain Resources, Inc. (OTCPK: BRMR) (“Blue Ridge”) t
Source: www.businesswire.com
In one of the biggest M&A deals in the oil & gas space so far in 2018, Eclipse Resources Corp. announced a definitive agreement to merge with Blue Ridge Mountain Resources, Inc. in an all-stock transaction. The merger will create a $1.4 billion natural gas biggie, with pro forma Q2 2018 production of 427 MMcfe/d and Q4 2018 expected production of 500-560 MMcfe/d in the Utica Shale of the Appalachian Basin. In addition to operational and production synergies, the combination enhances capital efficiency and operating margins on a per unit basis while providing $15 million in anticipated annual corporate G&A savings across the combined asset base. Development strategy post the merger involves initiating 2 to 3 rig development program concentrated on highest returning, low risk, Marcellus and Utica core acreage and targeting 20% annual production growth and positive 2020 cash flow.
