SM Energy Announces Dispute with Endeavour over Closing of Marcellus Assets Sale
December 14 2011 - 7:35PM
Business Wire
SM Energy Company (NYSE: SM) today announces its dispute with
Endeavor International Corporation (NYSE: END) over the closing of
its previously announced sale of Marcellus Shale assets. Earlier
today, Endeavour announced that it had "terminated" purchase and
sale agreements (the “Agreements”) between SM Energy,
SM Energy's partners and a subsidiary of Endeavour related to
oil and gas assets in the Marcellus Shale in Pennsylvania. SM
Energy disputes Endeavour's ability to terminate the Agreements and
is disappointed with its actions and announcement. The Company and
its partners intend to pursue any and all legal remedies arising
from Endeavour's actions. Regardless of the outcome of the
aforementioned dispute, SM Energy does not expect to make any
capital expenditures related to its Marcellus Shale assets in 2012
and is not required to make such expenditures to maintain
substantially all of its acreage position.
INFORMATION ABOUT FORWARD LOOKING STATEMENTS
This release contains forward looking statements within the
meaning of securities laws, including forecasts and projections.
The words “will,” “believe,” “budget,” “anticipate,” “plan,”
“intend,” “estimate,” “forecast,” and “expect” and similar
expressions are intended to identify forward looking statements.
These statements involve known and unknown risks, which may cause
SM Energy's actual results to differ materially from results
expressed or implied by the forward looking statements. These risks
include factors such as the uncertainty of negotiations to result
in an agreement or a completed transaction, the uncertain nature of
the expected benefits from the actual or expected acquisition,
divestiture, farm down or joint venture of oil and gas properties,
the uncertain nature of announced divestiture, joint venture, farm
down or similar efforts and the ability to complete such
transactions, the volatility and level of oil, natural gas, and
natural gas liquids prices, uncertainties inherent in projecting
future rates of production from drilling activities and
acquisitions, the imprecise nature of estimating oil and gas
reserves, the availability of additional economically attractive
exploration, development, and property acquisition opportunities
for future growth and any necessary financings, unexpected drilling
conditions and results, unsuccessful exploration and development
drilling, the availability of drilling, completion, and operating
equipment and services, the risks associated with the Company's
commodity price risk management strategy, uncertainty regarding the
ultimate impact of potentially dilutive securities, and other such
matters discussed in the “Risk Factors” section of SM Energy's 2010
Annual Report on Form 10-K and subsequent quarterly reports filed
on Form 10-Q. Although SM Energy may from time to time voluntarily
update its prior forward looking statements, it disclaims any
commitment to do so except as required by securities laws.
ABOUT THE COMPANY
SM Energy Company is an independent energy company engaged in
the exploration, exploitation, development, acquisition, and
production of natural gas, natural gas liquids, and crude oil.
SM Energy routinely posts important information about the
Company on its website. For more information about SM Energy,
please visit its website at www.sm-energy.com.
SM Energy (NYSE:SM)
Historical Stock Chart
From May 2024 to Jun 2024
SM Energy (NYSE:SM)
Historical Stock Chart
From Jun 2023 to Jun 2024