"This oil-targeted acquisition is an important next step in Rosetta's strategy to pursue new growth opportunities and build our inventory of long-lived, oil-rich resource projects. These assets complement our Eagle Ford properties and are a good fit with the experience and technical knowledge of our operations team," said Jim Craddock, chairman, CEO and president. "This transaction provides entry into the prolific Permian Basin with both existing production and strong growth potential in proven delineated areas as well as prospective exploration targets on undeveloped acreage. The addition of new capital project inventory provides competitive options as we prepare to deploy the free cash flow generated by our Eagle Ford assets."The transaction is effective as of January 1, 2013 and is expected to close on or about May 15, 2013. The transaction is subject to title and environmental due diligence and other customary closing conditions. The Company has secured an additional $700 million of committed financing for the transaction with the potential of accessing the capital markets prior to closing. RBC Richardson Barr served as financial advisor to Rosetta on this transaction. Further information regarding the Permian Basin acquisition will be discussed during a conference call on Friday, March 15, 2013, at 9:00 a.m. Central Time, with an accompanying presentation. The conference call will broadcast live over the internet and instructions for listening to the call are shown below.
|What:||Rosetta Resources Inc. Permian Basin Acquisition Conference Call|
|When:||Friday, March 15, 2013 at 9:00 a.m. Central, 10:00 a.m. Eastern|
|How:||Conference Call – Dial (877) 293-5486 or listen live over the Internet via our website at the address above.|
CONTACT: Investor Contact: Don O. McCormack Vice President, Treasurer and Chief Accounting Officer Rosetta Resources Inc. email@example.com