On Thursday, in the course of current trade, Shares of EV Energy Partners, L.P. (NASDAQ:EVEP), dropped -0.51%, and is now trading at $7.76.
EV Energy Partners, declared it has reached four agreements with certain EnerVest Institutional Partnerships (EnerVest) to acquire oil and natural gas properties, which represent combined estimated net proved reserves of 302 Bcfe, in the Appalachian Basin, San Juan Basin, Michigan and Austin Chalk for a combined cash consideration of $259 million. The acquisitions are predictable to close on October 1 and are subject to customary closing conditions and purchase price adjustments. EVEP plans to fund the acquisitions with available cash and borrowings under its revolving credit facility.
One of the acquisitions is the purchase of a 100 percent ownership interest in Belden & Blake Corporation (Belden). Belden owns oil and natural gas properties in the Appalachian Basin and Michigan near EVEP’s existing properties. Belden’s estimated net proved reserves are 120 Bcfe. As a result of the transaction, Belden will become a wholly-owned indirect partner of EVEP and will remain a C-Corp, subject to state and federal taxation. EVEP’s valuation of Belden comprised an assessment of future taxation at Belden in addition to its working capital and other net assets. At recent strip prices, EVEP estimates that corporate taxes at Belden will be negligible for the remainder of 2015 and less than $1.0 million annually for 2016 and 2017.
EV Energy Partners, L.P. engages in the acquisition, development, and production of oil and natural gas properties in the United States. The company operates in two segments, Exploration and Production, and Midstream.
During an Afternoon trade, Shares of Integrated Silicon Solution, Inc. (NASDAQ:ISSI), climbed 0.27%, and is now trading at $21.99.
Integrated Silicon Solution, declared that it has accomplished the sale of its Chingis partner to MediaTek Capital Corp. for $27.1 million following the formerly declared Share Sale and Purchase Agreement. This transaction was accomplished following the receipt of regulatory approval in Taiwan.
The foregoing transaction was a key part of the internal restructuring of ISSI’s operations in Taiwan as contemplated by the Agreement of Merger dated as of March 12, 2015, as amended (the “Merger Agreement”), between ISSI and Uphill Investment Co (“Uphill”) under which Uphill agreed to acquire ISSI for $23.00 per share in cash. ISSI has now accomplished the restructuring of its Taiwan operations subject to obtaining approval from the Taiwan Investment Commission.
Upon obtaining the foregoing approval and upon the satisfaction of the other conditions in the Merger Agreement, ISSI and Uphill expect that the closing of the merger will occur early in the fourth calendar quarter.
Integrated Silicon Solution, Inc. is a fabless semiconductor company which designs and markets integrated circuits. The company offers low and medium density DRAM products for use in WLANs, base stations, networking switches and routers, fiber to the home, modems, set top boxes, digital cameras, MP3, flat panel TVs, LCD TVs, HDTVs, video phones, voice over Internet protocol, printers, disk drives, tape drives, audio/video equipment, instrumentation, GPS, telematics, infotainment, backup cameras, lane departure warning systems, and other applications.
Finally, PrivateBancorp Inc (NASDAQ:PVTB), gained 1.07% Thursday.
PrivateBancorp, declared it intends to release its third quarter 2015 earnings on October 13, 2015, before the market open. The company will host a conference call for investors and analysts at 11 a.m. ET (10 a.m. CT) on the same day.
PrivateBancorp, Inc. operates as the holding company for The PrivateBank and Trust Company that provides customized financial services to middle market companies, business owners, executives, entrepreneurs, and families in the United States. It offers commercial and personal banking products and services, counting checking, savings, and money market accounts; corporate deposits; interest-bearing and non-interest bearing demand deposits; and certificates of deposits.
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