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    Resolute Energy to use add-on senior notes offering for Permian Basin acquisition

    Resolute Energy Corp. has announced the pricing of its private placement of an additional $150 million in principal amount of its 8.50% senior notes due 2020. The Senior Notes will be issued at 101.25% of par. The offering is expected to close on December 10, 2012, subject to customary closing conditions. The Senior Notes will be general unsecured senior obligations of the company and guaranteed on a senior unsecured basis by the company's existing subsidiaries.

    Resolute intends to use the net proceeds from the offering to fund its pending acquisition of Permian Basin oil and gas assets for approximately $120 million, to repay indebtedness under its revolving credit facility, which matures in April 2017, and for general corporate purposes.  However, the offering of Senior Notes is not conditioned on such acquisition. If the pending acquisition is not consummated, Resolute plans to use the net proceeds of the sale of the Senior Notes to repay indebtedness under its revolving credit facility, to develop its existing assets and for general corporate purposes.

    On December 3, the company announced it had entered into a definitive agreement to acquire oil assets, including existing production and undeveloped acreage, in the Permian Basin of Texas and southeast New Mexico from a private party. The assets are primarily located in Howard County, Texas, and Lea County, New Mexico and, combined, produced a net 1,418 barrels of oil equivalent per day in the third quarter of 2012 and had estimated proved reserves of 4.1 million boe, of which 73% is crude oil.

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