Eclipse Resources and Blue Ridge Mountain Resources said Thursday they’ve completed their merger, announced last August, with the melded company now known as Montage Resources Corp.
The company also announced it has entered into an amended and restated credit agreement to expand its borrowing base from $225 million to $375 million and extended the maturity date to 2024.
Montage Resources common stock begins trading today on the New York Stock Exchange under the ticker symbol “MR”, giving effect to the 15-to-1 reverse stock split that was part of the merger deal, Kallanish Energy reports.
Blue Ridge stockholders will receive consideration consisting of 4.4259 shares of Eclipse common for each share of Blue Ridge common stock before adjustment for the reverse stock split, or 0.29506 shares of Eclipse common stock for each share of Blue Ridge common after adjustment for the split.
“I am pleased to announce the closing of this transaction that leverages the scale, operational excellence and high-quality, contiguous assets of both organizations,” said John Reinhart, former president and CEO of Blue Ridge, and now the president and CEO of Montage.
Montage Resources is an independent exploration and production company with roughly 227,000 net effective undeveloped acres currently focused on the Utica and Marcellus Shale plays in southeast Ohio, West Virginia and North Central Pennsylvania.
The newly-merged company is headquartered at Blue Ridge’s former headquarters in Irving, Texas. Blue Ridge is the former Magnum Hunter Resources Corp.
