Penn West Loses Execs and 2 Stocks Dipping to 52-Week Lows
Makemytrip Limited (NASDAQ:MMYT): MakeMyTrip Limited said that they have acquired complete stake in the companies that make up the ‘Hotel Travel Group’. HT Group has been operating the website www.hoteltravel.com for more than a decade and their presence is in Thailand, Singapore and Malaysia. The total consideration payable to the Promoters of the HT Group by MakeMyTrip is $25 million, $15 million was already paid, partly in cash and partly in the form of MakeMyTrip shares. The balance $10 million will be paid in the form of MakeMyTrip shares, in 3 annual tranches through March 2016. Two of the Promoters of the HT Group will continue their employment with the HT Group in key capacities, and will be eligible for additional earn outs and incentives for the next three to four years based on HT Group meeting certain revenue and Earnings Before Interest, Taxes, Depreciation and Amortization targets. The additional earn outs can be raised to $35 million and are payable partly in cash and partly in the form of MakeMyTrip shares.Their shares closed at $12.58, down $2.62 or 17.24% on the day. They have traded in a 52-week range of $12.26 to $33.90.
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Pengrowth Energy Corp. (NYSE:PGH): Pengrowth Energy Corp. is pleased to announce that they have acquired additional Lochend Cardium assets with production capability of approximately 650 boe/d, weighted 95% to light oil. The assets acquired complement and consolidate Pengrowth’s position in the Alberta Lochend Cardium light oil resource play, bringing the company’s Lochend Cardium land holdings to 44 net sections. The assets will provide Pengrowth with high-netback oil production and solidify the company’s dominant position within the play and increase their inventory of drill ready locations to approximately 105. Key attributes of the Cardium assets that were acquired are, current production capability of 650 boe/d and netbacks of approximately $59/boe; 11 (10.3 net) sections of land in the most productive part of the Cardium Fairway; 32 net, internally identified low-risk drilling locations; offsetting analog bookings between 150,000 and 250,000 boe per well. Their shares closed at $5.76, down $0.06 or 1.03% on the day. They have traded in a 52-week range of $5.78 to $11.17.
Penn West Petroleum (NYSE:PWE): Penn West Petroleum announced that Hilary Foulkes, Executive Vice President and Chief Operating Officer, Thane Jensen, Senior Vice President, Operations Engineering, James Burns, Vice President, Corporate Planning and Wendy Henkelman,Vice President, Treasury have left the organization effective immediately. Improved execution is the key to realizing the value in the company’s asset base. Penn West is committed to improving their operational results, including the reliability of their production base and corporate capital efficiency. We will continuously make the necessary changes to deliver on our business plan. Their shares closed at $11.24, down $0.44 or 3.77% on the day. They have traded in a 52-week range of $12.22 to $22.37.
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