Atlas Resource Partners To Acquire Oil And Natural Gas Liquids Reserves

(RTTNews) - Atlas Resource Partners, L.P. (ARP) announced it has entered into a definitive agreement to acquire total reserves of approximately 47 million barrels of oil equivalent of oil and natural gas liquids, including proved developed producing reserves of approximately 25 Mmboe, for $420 million. The acquired position is located in the Rangely field in northwest Colorado, a mature tertiary CO2 flood with low-decline oil production. ARP will have an approximate 25% non-operating net working interest in the assets, and Chevron Corporation will continue as operator.

The company expects the transaction to be immediately accretive on a fully financed basis to distributable cash flow per unit.