Laredo Petroleum Announces Bolt-On Acquisition in Glasscock County
Laredo Petroleum, Inc. (LPI)
Last laredo petroleum, inc. earnings: 2/12 04:30 pm
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US:NYSE Investor Relations:
investor.laredopetro.com
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Source: GlobeNewswire
TULSA, OK, Dec. 09, 2019 (GLOBE NEWSWIRE) -- Laredo Petroleum, Inc. (NYSE: LPI) ("Laredo" or "the Company") today announced that it has closed a bolt-on acquisition of 4,475 contiguous net acres in Glasscock County for $65 million, further delivering on the Company’s strategy of acquiring properties that can improve the Company’s capital efficiency and enhance Free Cash Flow1 generation. The acquisition was funded with the Company's $1.0 billion senior secured credit facility, resulting in outstanding borrowings of $245 million at December 6, 2019. Acquisition Highlights Current net production of 1,400 barrels of oil equivalent ("BOE") per day (55% oil)Approximately 45 total gross (35 net) expected locations across the Lower Spraberry, Upper Wolfcamp and Middle Wolfcamp formations at 1,320' spacing, 80% of acreage held by production ("HBP")Located in an area of high oil productivity with relevant offset wells indicating first year oil production 37% higher than expectations fo
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