Cimarex closes acquisition of Resolute Energy

Cimarex Energy Co. recently completed its acquisition of Resolute Energy Corp.

Resolute stockholders were able to elect to receive all cash, all stock or a combination of the two, subject to proration, so that the aggregate merger consideration consisted of no more than 60-percent shares of Cimarex Common Stock and 40-percent cash, based on the closing sale price for shares of Cimarex Common Stock on Nov. 16, 2018. Following proration, Cimarex issued approximately 5.7 million shares of Cimarex Common Stock and paid $325.6 million in cash to former holders of Resolute Common Stock and Resolute Equity Awards. At closing, the total amount of funds necessary to pay the cash portion of the merger consideration, pay transaction fees and expenses, and repay in full the amount outstanding under Resolute’s revolving credit facility was approximately $615 million, which Cimarex funded with cash on hand.

Tom Jorden, chairman and CEO of Cimarex, stated, “We are ready to get to work on the high-quality assets we acquired from Resolute and are commencing completion operations on wells on the acquired acreage in the next few days.”

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