Reuters: Deals: Atlas Resource to buy certain Carrizo gas assets

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Atlas Resource to buy certain Carrizo gas assets Mar 16th 2012, 13:02 Fri Mar 16, 2012 9:02am EDT (Reuters) - Atlas Resource Partners (ARP.N) said it will buy gas-rich assets from Carrizo Oil & Gas (CRZO.O) for $190 million, and raised its distribution forecast. The assets, located in the Barnett Shale in Texas, have proved reserves of about 277 billion cubic feet equivalent (cfe), and the company will pay about 69 cents per million cfe, Atlas said in a statement. The deal, which is expected to close in late April, is seen to immediately add to Atlas' adjusted EBITDA and distributable cash flow. Carrizo expects to use proceeds from the deal to repay debt, the Houston-based company said in a statement. Atlas now expects its distribution for the second half of 2012 to be in a range of 85 cents to 90 cents per limited partner unit, up from its previous outlook of 80 cents per unit. It also forecast a 45 percent increase in its 2013 distribution to between $2.25 and $2.40 per unit. Carrizo shares were trading up 3 percent at $30.50 in premarket trade on Friday. They closed at $29.68 on Thursday on the Nasdaq. Atlas shares closed at $21.51 on Thursday on the New York Stock Exchange.

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