On Tuesday,Shares of Sanchez Energy Corp (NYSE:SN), added 3.74% and closed at $6.94 in the last trading session. The last trading range of the stock ranges between $6.84 and $7.29. Sanchez Production Partners LP (NYSE MKT:SPP) (“SPP” or the “Partnership”) recently declared that it has begind an underwritten public offering of 8,823,529 common units representing limited partner interests in SPP, at an anticipated public offering price between $16.00 and $18.00 per common unit, following a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission (the “SEC”). SPP anticipates to grant the underwriters a 30-day option to purchase up to an additional 1,323,530 common units at the public offering price. SPP intends to use the net proceeds received in connection with the offering as follows: (i) about $80 million to acquire a 50% equity interest in Carnero Processing, LLC (“Carnero Processing”) from Sanchez Energy Corporation (SN) (“Sanchez Energy”); (ii) about $24.9 million to pay the purchase price, after normal and customary adjustments, for certain wellbores and escalating working interests and other production assets that SPP intends to acquire from Sanchez Energy; and (iii) the remaining net proceeds to repay borrowings outstanding under the Partnership’s credit facility (counting borrowings that may result from the Partnership’s letters of credit, if any).
Rice Energy Inc (NYSE:RICE), jumped 4.17% and closed at $23.96 in the last trading session. The last trading range of the stock ranges between $23.22 and $24.42. The company’s Market capitalization is $5.04 Billion with the total Outstanding Shares of 202.59 Million. Rice Energy Inc., an independent natural gas and oil company, engages in the acquisition, exploration, and development of natural gas, oil, and natural gas liquid (NGL) properties in the Appalachian Basin. The company operates through two segments, Exploration and Production, and Midstream. As of December 31, 2015, it held about 92,000 net acres in the southwestern core of the Marcellus Shale, Pennsylvania; and about 56,000 net acres in the southeastern core of the Utica Shale located in Belmont County, Ohio. The company also has operations in the Upper Devonian Shale located on Pennsylvania acreage. It had 120 net producing wells in the Marcellus Shale; 4 net producing wells in the Upper Devonian Shale; and 19 net producing wells in the Utica Shale. The company is also involved in the gathering and compression of natural gas, oil, and NGL; and the provision of water services to support well completion activities.