UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
August 28, 2013
Commission |
Registrant |
State of |
IRS Employer Identification Number | |||
1-7810 | Energen Corporation | Alabama | 63-0757759 |
605 Richard Arrington Jr. Boulevard North Birmingham, Alabama |
35203 | |
(Address of principal executive offices) | (Zip Code) |
(205) 326-2700
(Registrants telephone number including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 7.01 | Regulation FD Disclosure |
On August 28, 2013, Energen Corporation issued a press release announcing that it has signed a Purchase and Sale Agreement with an undisclosed buyer to sell its Black Warrior Basin coalbed methane assets. The press release is attached hereto as Exhibit 99.1.
The information furnished pursuant to Item 7.01 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 (the Exchange Act) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Energen Corporation under the Securities Act of 1933 or the Exchange Act.
ITEM 9.01 | Financial Statements and Exhibits |
(d) | Exhibits. |
The following exhibits are furnished as part of this Current Report on Form 8-K.
Exhibit |
||
99.1 | Press Release dated August 28, 2013 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
ENERGEN CORPORATION | ||||||||
August 29, 2013 | By | /s/ Charles W. Porter, Jr. | ||||||
Charles W. Porter, Jr. Vice President, Chief Financial Officer and Treasurer of Energen Corporation |
EXHIBIT INDEX
EXHIBIT NUMBER |
DESCRIPTION | |||||
99.1 |
* | Press Release dated August 28, 2013 |
* | This exhibit is furnished to, but not filed with, the Commission by inclusion herein. |
Exhibit 99.1
For Release: 6:00 p.m. EDT | Contacts: | Julie S. Ryland | ||
Wednesday, August 28, 2013 | 205.326.8421 |
ENERGEN SIGNS PSA TO SELL BLACK WARRIOR BASIN PROPERTIES
Birmingham, Alabama Energen Corporation (NYSE: EGN) announced today that it has signed a Purchase and Sale Agreement with an undisclosed buyer to sell its Black Warrior Basin coalbed methane assets in Alabama for $160 million plus standard closing adjustments. The sale is expected to close in early October 2013 and have an effective date of July 1, 2013. Energen plans to use proceeds to reduce short-term indebtedness.
At December 31, 2012, proved reserves associated with Energens Black Warrior Basin properties totaled 97 billion cubic feet. In addition to the coalbed methane properties, the buyer (a limited liability corporation, or LLC) will assume Energens third-party operating agreements.
After adjusting fourth quarter production by approximately 0.4 million barrels of oil equivalents (MMBOE) for the sale of these assets, Energens revised production guidance range from all operations for 2013 is 25.7-26.1 MMBOE. The companys preliminary estimates of 2013 production and income from discontinued operations (excluding a gain on the sale) are, respectively, 1.4 MMBOE and $11.0 million, or 15 cents per diluted share.
Energen Corporation is an oil and gas exploration and production company with headquarters in Birmingham, Alabama. Through Energen Resources Corporation, the company has approximately 750 million barrels of oil-equivalent proved, probable, and possible reserves at year-end 2012. These all-domestic reserves are located mainly in the Permian and San Juan basins. For more information, go to http://www.energen.com.
FORWARD LOOKING STATEMENT: This release contains statements expressing expectations of future plans, objectives and performance that constitute forward-looking statements made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. Except as otherwise disclosed, the Companys forward-looking statements do not reflect the impact of possible or pending acquisitions, divestitures or restructurings. We undertake no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise. All statements based on future expectations rather than on historical facts are forward-looking statements that are dependent on certain events, risks and uncertainties that could cause actual results to differ materially from those anticipated. In addition, the Company cannot guarantee the absence of errors in input data, calculations and formulas used in its estimates, assumptions and forecasts. A more complete discussion of risks and uncertainties that could affect future results of Energen and its subsidiaries is included in the Companys periodic reports filed with the Securities and Exchange Commission. |