UPDATE: Laredo Petroleum Jumps Nearly 7% - Sells Anadarko Basin Assets to Affiliates of EnerVest for $438 Mln

By MidnightTrader.com Staff,

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Laredo Petroleum ( LPI ) is now up nearly 7% at $20.44, but off a day high $20.95 after the company earlier said it has sold its interests in properties and assets in the Anadarko Basin to various affiliates of EnerVest, Ltd. Under the agreement signed by the two companies, which has an effective date of April 1, 2013, EnerVest will acquire about 104,000 net acres of leasehold held by LPI in the Anadarko Basin of Western Oklahoma and the Texas Panhandle and associated infrastructure. At closing, EnerVest will pay $438 million in cash to Laredo, before normal closing adjustments.

Shares are trading within a 52-week range of $15.78 - $24.10.

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This article appears in: Investing Commodities
Referenced Stocks: LPI

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