Resolute Energy (REN) Announces Closure of Delaware Basin Asset Acquisition

October 7, 2016 11:57 AM EDT

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Resolute Energy Corporation (NYSE: REN) announced the closing of its previously announced acquisition of certain oil and gas properties located in Reeves County, Texas, for an aggregate purchase price of $135.0 million. The acquisition was financed in part with proceeds received from the previously announced private offering of shares of 8 1/8% Series B Cumulative Perpetual Convertible Preferred Stock of the Company, which also closed today. The Company sold a total of 62,500 shares of the convertible preferred stock, which includes 7,500 shares issued in connection with the exercise by the initial purchaser of its over-allotment option. Total net proceeds from the sale of the convertible preferred stock, before offering expenses, was approximately $60.0 million.



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