Lonestar Resources (NASDAQ: LONE) this morning said it has closed on the previously announced Eagle Ford Shale acquisitions in Karnes, Gonzales, DeWitt, Lavaca and Fayette Counties. The acquisition comprises of approximately 30,219 gross or 21,238 net acres. Lonestar has previously estimated the area to have proven reserves of approximately 31.4 million barrels of oil equivalent. The company paid approximately $110.6 million to close the transaction, consisting of $99 million in cash and approximately 2.7 million shares of its Class B Convertible Preferred Stock. Lonestar’s senior secured facility was increased from $112 million to $160 million after closing these acquisitions. Additionally, Lonestar has reached agreements to repurchase or redeem the remaining $17 million of second lien notes by June 30, 2017.
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About Lonestar Resources US Inc.
Lonestar Resources is an independent oil and gas company involved in exploration, production, and acquisition of unconventional oil and gas reserves. The company’s growth is focused on the Crude Oil Window of the Eagle Ford Shale, where Lonestar anticipates spending 95% of its capital for the next several years on its leasehold which currently exceeds 30,000 net acres. Lonestar is also evaluating the resource potential of its 50,000-acre block in the Williston Basin. For more information, visit www.lonestarresources.com.
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