American Oil and Gas Reporter - September 2020 - 20

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since 2013 by various governmental
entities, one published report quotes
Keith Hall, director of Louisiana State
University's John P. Laborde Energy
Law Center opining that because of the
similarity among the different coastal
lawsuits, the ruling likely will keep all
of them in state courts.
The lawsuits contend oil and gas
operations caused coastal erosion in
violation of state law and companies'
permits, reports note. The defendants
respond that all activities were carried
out in accordance with regulations in
effect at the time. r

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20 THE AMERICAN OIL & GAS REPORTER

BATON ROUGE, LA.-Louisiana
Oil & Gas Association President
Gifford Briggs, who has been with the
group since 2007, has departed the
association, LOGA Chairman Jim
Justiss announces, and Mike Moncla
has been named interim president. The
association will continue its advocacy
efforts on behalf of Louisiana's oil and
gas industry uninterrupted, Justiss
promises.
Briggs left to become the Gulf Coast

Southwestern, Montage Sign Merger Agreement
SPRING, TX.-Southwestern
Energy Co. and Montage Resources
Corp. announce they have entered into
a definitive merger agreement under
which Southwestern will acquire
Montage in an all-stock transaction.
Based on the companies' 3-day
average closing share prices on August
11, Montage shareholders will receive
1.8656 shares of Southwestern for
each Montage share, the companies
detail. They say the transaction is
expected to close in the fourth quarter,
subject to customary closing
conditions, including Montage
shareholders' approval.
The combined company will be the
largest producer in Appalachia, with
an expected total equivalent
production of 3 billion cubic feet of
gas a day, Southwestern and Montage
mention. They praise its enhanced
inventory of economic investment
opportunities in the super rich
Marcellus and core dry gas Utica.
According to the participants, the
merger delivers a step-change in free
cash flow, which it will boost to
$100 million a year beginning in
2021 based on current strip pricing.

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LOGA Announces A
Change In Leadership

Southwestern Energy and
Montage Resources say
their merger will enhance
their inventory of investment
opportunities and enable
operational efficiencies
while improving per-share
financial metrics.

The merger also unlocks $30 million
in annual general and administrative
savings and operational efficiencies,
the companies say.
Southwestern Energy President and
Chief Executive Officer Bill Way says,
"This transaction further solidifies the
company's position as a premier
Appalachia operator and provides
additional scale and synergies
strengthened by our leading
operational execution. Consistent with
our strategy, this transaction is
expected to deliver increased free cash
flow, improved returns and long-term
value to shareholders."
Montage President and CEO John
Reinhart comments, "This transaction
creates a compelling opportunity for
both Southwestern Energy and
Montage Resources shareholders to
benefit from the strength of the
consolidated company. The
combination creates a company of
substantial scale with capabilities to
enhance cash flow generation and a
strong balance sheet that provides
opportunities for enhanced
shareholder value creation." r
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American Oil and Gas Reporter - September 2020

Table of Contents for the Digital Edition of American Oil and Gas Reporter - September 2020
