American Energy Acquires $440M Permian Basin Drilling Land

Law360, New York (November 25, 2014, 4:23 PM EST) -- American Energy Partners LP's Permian Basin subsidiary said Monday that it agreed to acquire a $440 million drilling property in Texas and, in connection, issued $515 million of 8 percent exchangeable junior subordinated notes due in 2022 on the same day.

The property, bought from private equity-backed Tall City Exploration LLC, consists of 14,000 acres in Reagan County with a production rate of 1,400 barrels equivalent per day. American Energy-Permian Basin LLC has planned since July to build up a large acreage in the area by the end of the year.

The notes were issued in a series of separate offerings:...

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