Seller: Scoop Energy Co. LLC
Jones Energy, Inc. (NYSE:JONE) (“Jones Energy” or the “Company”) today announced the closing of its previously announced STACK/SCOOP acquisition for a closing price of $136.5 million, subject to customary post-closing adjustments, and announced the opening of an office in Oklahoma City, OK as a result of this acquisition. The Company funded the acquisition with a portion of the approximately $152 million in net proceeds from its recently completed offerings of Class A common stock and Series A perpetual convertible preferred stock.
The seller was Scoop Energy Co. LLC, an associated company of American Energy Partners which shut down in May, according to filings with the Securities and Exchange Commission. Jones Energy already has about 181,353 leased acres in the Midcontinent’s Anadarko and Arkoma basins in Oklahoma and the Texas Panhandle, according to the company’s website.
Jonny Jones, the Company’s Founder, Chairman, and CEO, commented, “I am pleased to announce the closing of this transformative transaction. We are focused on leveraging our best-in-class Midcontinent operating expertise to develop this asset. I look forward to providing you with updates on our development plan.”
Mike McConnell, the Company’s President, commented, “I will be leading the team at our new Oklahoma City office. We believe having a local presence will play a key role in helping us realize the full potential of this impressive new asset and I am excited to lead that effort.”
Company Overview
Jones Energy Limited, LLC explores and produces natural gas in Texas Panhandle, and Western and Southern Oklahoma. It focuses on horizontal drilling to find oil and gas. The company was founded in 1988 and is based in Austin, Texas with additional offices in Canadian, Texas; and Coalgate, Oklahoma and now Oklahoma City, Oklahoma. Jones Energy Limited, LLC operates as a subsidiary of Jones Energy, Inc.
