Moody's Downgrades to Clayton Williams Energy (CWEI) 'Caa3', Upgrades Parsley Energy (PE) to 'B2'
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Go back to Moody's Downgrades to Clayton Williams Energy (CWEI) 'Caa3', Upgrades Parsley Energy (PE) to 'B2'
April 5, 2016 9:16 AM EDT
Stifel reiterated a Buy rating on Parsley Energy (NYSE: PE), and raised the price target to $25.00 (from $24.00), following the company's announced agreements to acquire 22,908 net acres in the Midland and Southern Delaware Basins.
Analyst Daniel Guffey commented, "After the close, PE announced it has... More
April 4, 2016 4:10 PM EDT
Parsley Energy, Inc. (NYSE: PE) announced that it has entered into agreements to acquire certain undeveloped acreage and producing oil and gas properties located adjacent to the Companys existing operating areas in the Southern Delaware and Midland Basins for an aggregate purchase price of $359 million in cash (subject to customary purchase price adjustments)
Acquisition Highlights
22,908 net surface acresEstimated current net production of approximately 2,300 Boe per day from nine producing horizontal wells and 97 vertical wellsAcquired assets...
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