September 18, 2014 10:19 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Sabine Oil & Gas LLC

Company Overview

Sabine Oil & Gas LLC is engaged in the acquisition, development, exploitation, and exploration of oil and natural gas properties onshore in the United States. The company principally holds interests in approximately 104,000 net acres in East Texas prospective for the Cotton Valley Sand and Haynesville Shale formations; approximately 38,000 net acres in South Texas prospective for the Eagle Ford Shale; and approximately 33,500 net acres in North Texas prospective for the Granite Wash and Cleveland Sand plays. As of December 31, 2013, Sabine Oil & Gas had estimated proved reserves of approximately 839.3 billion cubic feet of natural gas equivalent (Bcfe) consisting of 596.0 Bcfe in East Texas,...

1415 Louisiana Street

Suite 1600

Houston, TX 77002

United States

Founded in 2006

136 Employees

Phone:

832-242-9600

Fax:

832-242-9560

Key Executives for Sabine Oil & Gas LLC

Chairman
Age: 55
Chief Financial Officer and Executive Vice President
Age: 46
Chief Operating Officer and Executive Vice President
Age: 44
Senior Vice President and General Counsel
Age: 42
Senior Vice President of Land
Age: 64
Compensation as of Fiscal Year 2014.

Sabine Oil & Gas LLC Key Developments

Sabine Oil & Gas LLC Reports Unaudited Consolidated Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2014

Sabine Oil & Gas LLC reported unaudited consolidated earnings and operating results for the second quarter and six months ended June 30, 2014. For the quarter, total revenue was $121,418,000 against $81,557,000 a year ago. Net loss was $9,880,000 compared to net profit of $28,291,000 a year ago. Adjusted EBITDA was $83,608,000 compared to $64,727,000 a year ago. For the six months, total revenue was $234,135,000 against $149,253,000 a year ago. Net loss was $11,565,000 compared to net profit of $2,716,000 a year ago. Adjusted EBITDA was $161,150,000 compared to $123,122,000 a year ago. Net cash provided by operating activities was $99,615,000 compared to $93,386,000 a year ago. Production volumes during the three months ended June 30, 2014 were 18.7 Bcfe, an increase of 3.8 Bcfe or approximately 26% from second quarter 2013 production. The increase in production is primarily due to an increase in production in South Texas through an active and successful development program in this region. Production volumes during the six months ended June 30, 2014 were 35.3 Bcfe, an increase of 7.9 Bcfe or approximately 29% from the first six months of 2013 production. The increase in production is primarily due to an increase in production in South Texas through an active and successful development program in this region. These increases were partially offset by the December 2013 sale of interests in certain oil and natural gas properties in the Texas Panhandle and surrounding Oklahoma area.

Sabine Oil & Gas LLC Announces Resignation of Shane M. Bayless as Executive Vice President and Chief Financial Officer

Sabine Oil & Gas LLC announced that Shane M. Bayless, the company's Executive Vice President and Chief Financial Officer, will be leaving the company to pursue other opportunities. Bayless will step down effective with the closing of the previously announced merger with Forest Oil Corporation.

The Law Office of Robbins Arroyo LLP Announces Class Action Lawsuit against Forest Oil Corporation and Sabine Oil & Gas LLC

Shareholder rights attorneys at Robbins Arroyo LLP announced that the firm filed a class action lawsuit on June 13, 2014, in the U.S. District Court for the District of Colorado, on behalf of the shareholders of Forest Oil Corporation against Forest Oil, its Board of Directors, and Sabine Oil & Gas LLC, for, violations of sections 14(a) and 20(a) of the U.S. Securities and Exchange Act of 1934 and U.S. Securities and Exchange Commission Rule 14a-9 promulgated thereunder. The complaint arises out of a May 6, 2014 press release announcing that Forest Oil had entered into a definitive merger agreement with Sabine, pursuant to which Forest Oil shareholders would receive 0.1 shares of Sabine, a privately held company, for each share of Forest Oil owned (proposed transaction). The complaint seeks injunctive relief on behalf of the named plaintiffs and all other similarly situated shareholders of Forest Oil as of May 6, 2014. The named plaintiffs are represented by Robbins Arroyo LLP. The named plaintiffs allege that certain of the defendants, in connection with the Proposed Transaction, breached or aided and abetted the other defendants' breaches of their duties and obligations owed to Forest Oil shareholders. The complaint further alleges that, in an attempt to secure shareholder approval of the proposed transaction, the defendants filed a materially false and misleading registration statement on Form S-4 with the U.S. Securities and Exchange Commission in violation of the Exchange Act and their duties of candor and full disclosure. The omitted and/or misrepresented information is believed to be material to Forest Oil shareholders' ability to make an informed decision whether to approve the Proposed Transaction.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
May 6, 2014
Forest Oil Corporation
 

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