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Wednesday, October 30, 2013 1:42:30 AM
acreage swap in the Wattenberg. NBL and APC reported
and closed an acreage exchange where each gave the other
50,000 net acres, providing significant acreage consolidation.
I believe the transaction will ultimately allow for more and
longer laterals, with heightened drilling optionality. Other
synergies could lead to reduced costs during broad-scale
development.
In closing, NBL received $105MM net cash from
APC and APC retained its benefit from Land Grant mineral
ownership on ~21k net acres that it conveyed; APC’s
production increases 8 MBoe/d (NBL down 8 MBoe/d). NBL
and APC are two of our top picks and we like them following a
potentially weaker 3Q, into YE13 and 2014.
Purely my own opinion. Do your Due Diligence.
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