The merger closed today following its approval by Mariner's stockholders and subsequent completion of documentation. Apache issued approximately 17.5 million shares of its common stock and paid approximately $800 million in cash to Mariner stockholders. Apache also assumed Mariner's debt with current fair value of approximately
At a special meeting, 79 percent of Mariner's stockholders voted to approve the merger.
Under the merger agreement, Mariner stockholders had the option to elect to receive consideration consisting of cash, shares of Apache common stock or a combination of both in exchange for their shares of Mariner common stock, subject to a proration feature. Mariner stockholders electing to receive a mix of cash and stock consideration and non-electing stockholders will receive
"The Mariner merger — along with our
At year-end 2009, Mariner had estimated proved reserves of 181 million barrels of oil equivalent (boe) (47 percent liquid hydrocarbons) in the Gulf Shelf and deepwater, onshore
"Apache's team — including new people from Mariner, BP and Devon — is looking forward to tackling the enlarged opportunity base that these assets bring to three core regions in our portfolio," Farris said. "The Mariner merger also adds a new dimension to our portfolio — deepwater oil exploration.
"Apache has a truly unique culture, with a strong sense of urgency, the empowerment of our employees, and an independent mindset; it's at the heart of how we build value," Farris said. "Apache's sense of urgency was a factor in our team's ability to attain seven of the 13 new drilling permits approved by federal regulators for all operators since June."
This news release contains certain "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 including, without limitation, expectations, beliefs, plans and objectives regarding production and exploration activities. Any matters that are not historical facts are forward-looking and, accordingly, involve estimates, assumptions, risks and uncertainties, including, without limitation, risks, uncertainties and other factors discussed in our most recently filed Annual Report on Form 10-K, recent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K available on our website, http://www.apachecorp.com/, and in our other public filings and press releases. There is no assurance that Apache's expectations will be realized, and actual results may differ
materially from those expressed in the forward-looking statements. We assume no duty to update these statements as of any future date. However, readers should review carefully reports and documents that Apache files periodically with the
News Provided by Acquire Media