Atlas Resource Partners, L.P. to Acquire 277 bcfe of Proved Reserves in the Barnett Shale for $190 Million

Atlas Resource Partners, L.P. (NYSE:

) has entered into a definitive purchase and sale agreement to acquire approximately 277 bcfe of proved reserves, including undeveloped drilling locations, in the Barnett Shale in Texas from Carrizo Oil & Gas (NASDAQ:

) for approximately $190 million, or $0.69 per mcfe. The transaction has been approved by ARP's board of directors, and will be effective as of January 1, 2012, with an expected closing in late April, subject to customary closing conditions. This transaction is expected to be immediately accretive to ARP's adjusted EBITDA and distributable cash flow. Based on this transaction, ARP is increasing its distribution guidance for the second half of 2012 from $0.80 per limited partner common unit (implied from the previous full year 2012 distribution guidance of $1.60) to a range of $0.85 to $0.90. In addition, ARP is introducing full year 2013 distribution guidance in a range of $2.25 to $2.40 per unit, a 45% increase over the original full year 2012 guidance of $1.60. Both second half 2012 and full year 2013 distribution expectations assume a coverage ratio of approximately 1.2x.