Eclipse, Blue Ridge Mountain In Merger

Eclipse Resources Corp., an independent exploration and production company engaged in the acquisition and development of oil and natural gas properties in the Appalachian Basin, and Blue Ridge Mountain Resources, Inc., a Texas-based independent exploration and gas and natural gas liquids production company announced that they have entered into a definitive, all-stock merger agreement.

Based on the closing price of Eclipse Resources stock on Aug. 24, the transaction, which is expected to close in the fourth quarter, results in an enterprise value of approximately $1.4 billion for the combined company.

The deal was unanimously approved by the board of directors of each company and has been approved by the written consent of majority share stockholders of Eclipse. According to the companies, the merger will create one of the largest Utica focused operators with fourth-quarter 2018 estimated production of 500 to 560 MMcfe per day. It will also hold approximately 227,000 net effective undeveloped core acres providing over 20 years of prolific wet and dry gas inventory

John Reinhart, president and CEO of Blue Ridge, will be president and CEO of the combined company and will lead a management team that is intended to leverage both companies’ operating expertise in the basin.

Print Friendly, PDF & Email