Finance & Investing | Capital Markets
Sanchez Production Looks to Up Share Value via Reverse Split
Print
|
Sanchez Production Partners LP announced that it intends to implement a 1-for-10 reverse split on its common units, effective after the market closes on August 3, 2015.
Gerald F. Willinger, Interim Chief Executive Officer of the general partner of SPP, said: "Since the summer of 2013, we have worked diligently to better position SPP for future growth by initiating a business development relationship with a committed sponsor, executing management service and related agreements, transitioning employees to Sanchez Oil & Gas Corporation, converting SPP to a limited partnership, and executing our first transaction with Sanchez Energy Corporation. With a solid foundation for SPP built, we are now ready to implement the next set of measures necessary for growth. As we look to expand the Partnership's asset base by pursuing a larger-scale transaction with a view toward resuming distributions in 2015, we are focused on increased visibility and the deliberate expansion of our unitholder base by attracting institutional investors. The reverse split is supportive of these goals, and represents an important component of our overall strategic plan."
Pursuant to the reverse split, common unitholders will receive one common unit for every ten common units they own at the close of trading on August 3, 2015. All fractional units created by the reverse split will be rounded to the nearest whole unit. If the fraction created is less than one-half, it will be rounded down to the nearest whole unit. If the fraction is one-half or more, it will be rounded up to the nearest whole unit. Each unitholder will get at least one unit.
The Partnership anticipates that the reverse split will decrease the number of common units outstanding from approximately 31.5 million to 3.1 million.
More Finance & Investing News
Peak Resources Pumps the Brakes on IPO
On November 13, 2024, Peak Resources L.P., a Wyoming-based oil and gas company, quietly hit pause on its plans to go public. The limited partnership, known for its…
CrownRock Wasted No Time Sellling Oxy Shares It Acquired
Crown Rock Holding is selling 29.6 million shares of Oxy worth $1.7 billion it acquired as part of the $12 billion deal Oxy signed when it acquired the…
Baytex Energy Corp. First Quarter 2023 Results
Baytex Energy Corp. First Quarter 2023 Results. Highlights Entered into an agreement to acquire Ranger Oil Corporation ("Ranger") for approximately US$2.5 billion. Generated production of 86,760 boe/d (84%…
Silverbow Resources Board Adopts 'Poison Pill' Strategy
SilverBow Resources Inc.'s board has unanimously adopted a limited-duration stockholder rights plan (a so-called poison pill strategy) following "significant accumulations" of the company's outstanding common stock. Activist investor…
Bonterra Energy Second Quarter 2022 Results
Bonterra Energy Corp. reported its second quarter 2022 results. Highlights: Production averaged 14,328 BOE per day in Q2 2022, 13 percent higher than Q2 2021, and averaged 13,810…
Gulf Coast - South Texas News
Western Canada Upstream M&A: Q1 2026 Transaction Report
Western Canadian M&A activity in Q1 2026 was characterized by a 87% decrease in total deal value compared to Q1 2025, totaling $0.8 billion C$. However, transaction volume…
An Eagle Ford Team That Cashed Out Is Back for Another Cycle
Houston — January 15, 2026 — Lime Rock Partners, a Houston-based private investment firm specializing in upstream oil and gas, has completed an equity commitment to Athena Energy…
Silver Hill Expands South Texas Footprint with Acquisition of 1776 Energy Assets
Silver Hill Energy Partners has acquired 100 percent of 1776 Energy’s South Texas oil and gas assets, significantly expanding its operated footprint across the Eagle Ford and Austin…
Whitecap Details 2026 Duvernay & Montney Program
Whitecap Resources reported strong third quarter 2025 operating and financial results, marking its first full quarter following the strategic combination with Veren that closed on May 12, 2025.…
ARC Resources: Lower 2026 Capex, Higher Volumes
ARC Resources used its third quarter update to reinforce a familiar message to Canadian E&P executives: disciplined capital, structurally better market access, and a growing shareholder return program…
North America News
Baytex 2026 Development Plans
Baytex’s 2026 development plan reflects a post–Eagle Ford sale capital program and a sharpened focus on its core Canadian assets. The Company approved 2026 exploration and development expenditures…
Tourmaline: 2026 Capital Program Locked In at $2.9B
Tourmaline’s 2026 exploration and production (EP) program is set at $2.9 billion and targets average production of 690,000–710,000 boepd, with the company maintaining the multi-year EP Plan released…
Advantage Plans $300–$330MM 2026 Capital Program
Advantage’s 2026 development plan centers on Glacier-focused drilling and key midstream work. The company plans total capital spending of $300 million to $330 million and expects production to…
Paramount Targets 42% Higher 2026 Capex, More Duvernay Wells
Paramount Resources is stepping up investment in 2026 as it advances the Willesden Green Duvernay (Central Alberta Region) buildout and launches major infrastructure at Sinclair (Montney). The company…
Birchcliff Targets Higher 2026 Output on Larger Capital Budget
Birchcliff’s updated 2025 plan targets higher production within a tightened capital range, supported by faster cycle times and lower costs. The company increased 2025 annual average production guidance…