One-Page Deal Sheet
Laredo Petroleum To Acquire Cline Shale Acreage Holder Broad Oak Energy
Laredo Petroleum Inc. Broad Oak Energy, Inc.
Announced Date
June 17,2011
Close Date
July 06,2011
Transaction Type
Corporate
Enterprise Value (EV)($MM)
1000
Asset/Basin:
{"Permian Basin","Anadarko Basin"}
TargetZones:
{Wolfberry,"Cline Sh
% Oil:
Transaction Details: Require Private Equity Subscription
Laredo Petroleum, LLC ("Laredo") and Broad Oak Energy, Inc. ("Broad Oak") today announced that they have entered into definitive agreements whereby Broad Oak will become a wholly-owned subsidiary of Laredo in exchange for aggregate consideration of approximately $1 billion.
This aggregate consideration will consist primarily of newly issued units of Laredo. As part of the transaction, Laredo will also pay off the existing Broad Oak bank indebtedness with funds from a revised $1 billion credit facility. This facility will have an initial borrowing base of $650 million fully underwritten by…
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