E&P borrowers often forget the strings (and sometimes ropes) that come with capital.
The deal adds roughly 30% of reserves to the company’s 19.1 MMboe.
The remainder of Atlas Energy's E&P holdings will be spun off before they are acquired by Targa Resources.
Crude will account for more than 25% of the company’s total volume as it executes on the strategy.
MHR’s remaining Bakken assets are worth an estimated $325-$425 million, which management expects to sell by early next year.
The terms of the business combination call for Dawson shareholders’ to own 66% of the combined company and TGC’s to own 34%.