NICOSIA, CYPRUS--(May 19, 2016) -  Ocean Rig UDW Inc. (NASDAQ: ORIG), or Ocean Rig or the Company, an international contractor of offshore deepwater drilling services, today announced its unaudited financial and operating results for the quarter ended March 31, 2016.

 

First Quarter 2016 Financial Highlights

For the first quarter of 2016, the Company reported a net income of $288.0 million, or $2.07 basic and diluted earnings per share.

 

Included in the first quarter 2016 results are:

Non-cash gains associated with the purchase of the 7.25% Senior Unsecured Notes due 2019 and the 6.5% Senior Secured Notes due 2017 totaling $125.0 million, or $0.90 per share. 

CALGARY, May 15, 2016 - Valeura Energy Inc. ("Valeura" or the "Corporation") (TSX:VLE.TO - News) is pleased to announce that its wholly-owned affiliate, Corporate Resources B.V. ("CRBV") (collectively "Valeura") has entered a binding letter agreement (the "Letter Agreement") with Statoil Holding Netherlands B.V. ("Statoil") a wholly-owned affiliate of Statoil ASA for a farm-out agreement for the exploration of the deeper formations below approximately 2,500 metres where over-pressure is expected on Valeura's two 100% owned and operated Banarli exploration licences (the "Banarli Licences") in the Thrace Basin of Turkey. The Banarli Licences encompass an area of 540 square kilometres or 133,840 gross acres near the centre of the basin. The Letter Agreement is subject to satisfaction of certain conditions precedent including the execution of definitive agreements and the approval of the General Directorate of Petroleum Affairs ("GDPA") of the Republic of Turkey for the associated licence interest transfers, which is expected to occur before the end of September 2016.

FORT WORTH, TX--(May 16, 2016) -RANGE RESOURCES CORPORATION "Range"(NYSE: RRC) and MEMORIAL RESOURCE DEVELOPMENT CORP. "MRD" (NASDAQ: MRD) announced today a definitive merger agreement under which Range will acquire all of the outstanding shares of common stock of MRD in an all-stock transaction valued at $4.4 billion. This valuation includes the assumption of MRD's net debt, which was $1.1 billion as of March 31, 2016.

 

Jeff Ventura, Range's CEO, said, "This is an exciting announcement that brings together two high-quality unconventional producers with large de-risked, high-return projects into one portfolio. This acquisition will give Range strategic positioning in both the Appalachian and Gulf Coast regions, providing greater marketing capabilities and opportunities, with added beneficial exposure to growing natural gas demand. The transaction is also accretive to our cash flow, bolsters our credit profile and enhances the overall portfolio. Like Range, the MRD team has a strong culture and track record of safe and efficient operations. We look forward to adding their talents and capabilities to our company, strengthening one of the top overall technical teams in the industry. We believe this combination will create significant value for our existing and new shareholders."

MIDLAND, Texas, May 04, 2016 -- Legacy Reserves LP ("Legacy") (LGCY) today announced first quarter results for 2016 including the following Q1 highlights:

 

Increased production to 45,527 Boe/d

 

Reduced lease operating expenses, excluding ad valorem taxes, of $46.7 million representing a nearly 4% decrease compared to Q4 2015

 

Closed $68.5 million of asset sales, above our previously-announced target of $50 million

 

Reduced debt outstanding by $191.8 million including a $38.0 million reduction in borrowings under our credit facility and $153.8 million of senior notes

 

Reported net income of $105.3 million, representing earnings per unit of $1.47 driven by a gain on extinguishment of debt of $130.8 million