Sanchez steps into Tuscaloosa Marine shale

摘要

Sanchez Energy Corp. (NYSE: SN) announced it is acquiring 40,000 net acres in the core of the Tuscaloosa Marine shale for $78 million. The undeveloped land would be paid for with $70 million cash and 342,760 shares of common stock valued at $8.2 million. The acreage is contiguous and has three or more years of remaining lease terms to allow for further de-risking. Tony Sanchez III, president and chief executive officer, said the company has been watching the evolution of the Tuscaloosa for nearly three years and assessing the technical and economic development of the play.