QR Energy, LP (NYSE: QRE) has announced today that it has signed a definitive agreement to obtain predominantly oil properties located in the Ark-La-Tex area from an unrevealed private seller for $215 million in cash, subject to customary purchase price adjustments.
Highlights from the press release:
- Expected to be immediately accretive to Distributable Cash Flow
- Mature, legacy asset located in the largest oil field in the contiguous United States — the East Texas field; properties directly overlap existing QRE properties in East Texas
- Current net production of approximately 1,400 Boed is 90% oil; more than 90% operated
- Estimated total proved reserves of 10.7 MMBoe as of November 1, 2012 are 99% proved developed (76% proved developed producing) and 90% oil