Sundance Energy Ltd entered into an agreement to acquire New Standard Energy Texas LLC, New Standard Energy PEL 570 Pty Ltd and working interest in the Colorado County assets from New Standard Energy Limited for AUD 23.8 million.

Sundance Energy Ltd (ASX:SEA) entered into an agreement to acquire New Standard Energy Texas LLC, New Standard Energy PEL 570 Pty Ltd and working interest in the Colorado County assets from New Standard Energy Limited (ASX:NSE) for AUD 23.8 million on June 26, 2015. Under the share and asset sale agreement, Sundance will assume all debt and liabilities of New Standard Energy Texas, New Standard Energy PEL 57 and the Colorado County assets, repay NSE's note with Credit Suisse upon closing of the transaction at face value of $14.6 million (AUD 19.06 million) with no prepayment penalties and issue to 6 million Sundance shares. A portion of the consideration shares will be escrowed to cover any material defects identified in the due diligence. In addition, 10% of the consideration shares will be held in escrow for a period of up to 6 months post completion in relation to any Sundance Energy warranty claims. In a related transaction, Sundance Energy agreed to acquire New Standard Energy Limited shareholding in Elixir Petroleum Ltd (ASX: EXR) for approximately $0.24 million (AUD 0.32 million).

Under the terms of the agreement, Sundance Energy will pay to New Standard a break fee of AUD 0.25 million in cash. The transaction is subject to conditions including due diligence to be completed by Sundance within 21 days of execution and New Standard shareholder approval. The acquisition is also conditional upon Credit Suisse assigning its 2.5% overriding royalty on NSE's Eagle Ford assets to Sundance upon payoff of the note. New Standard's Board recommended shareholder approval for the transaction. New Standard will seek shareholder approval to the transaction at a meeting to be held in late July 2015. Board members have agreed to vote their shareholdings in favour of the transaction. The general shareholder's meeting of NSE is scheduled for August 4, 2015. On August 4, 2015 the Board of Directors approved the transaction. As of August 4, 2015, the shareholders of New Standard Energy approved the transaction. Cameron Morse of FTI Consulting acted as PR advisor for the transaction. Currency conversion has been done through www.oanda.com as of June 29, 2015. Euroz Limited acted as financial advisor for Sundance Energy.