Energy Partners to Acquire Hilcorp Interests and 4 Stocks that Have Hit 52-Week Highs

Energy Partners (NYSE:EPL) Oil & Gas has executed a purchase and sale agreement for the acquisition of particular shallow water Gulf of Mexico shelf oil and natural gas interests from Hilcorp Energy GOM Holdings for a total of $550 million. As of now, the assets are producing nearly 10,000 barrels of oil equivalent per day, and nearly 50 percent of these are actual oil. Estimated proved reserves as of the July 1 economic effective date was about 36.3 million boe, and 54 percent was oil. These three fields make up 64 percent of the current proved reserves, and about 82 percent of the total proved acquisition with a PV10 value estimated at $626 million using strip prices as of August 31, 2012. The currently estimated asset retirement obligation will be assumed by EPL in the acquisition which should total about $120 million. The shares have traded in a 52-week range of $9.99 to $20.98.

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Harris Corp. (NYSE:HRS) has gotten a $25 million order from a Middle Eastern government for Falcon II high-frequency tactical radios as part of a military communications modernization program. Harris intends to give the country’s armed forces Falcon II RF-5800H base stations, vehicular systems, and manpack radios. The shares have traded in a 52-week range of $32.68 to $50.52.

Iris International (NASDAQ:IRIS): Danaher (NYSE:DHR) has entered into a definitive merger agreement with IRIS International (NASDAQ:IRIS) under which Danaher is to acquire IRIS via a cash tender offer for the acquisition all of IRIS’s outstanding shares of common stock at a purchase price of about $19.50 per share, for a net transaction value to Danaher of about $338 million, which includes the debt assumed and net of cash acquired. The IRIS board unanimously recommended that IRIS shareholders accept and tender their shares into the offer. The transaction should be finished during Q4. The shares have traded in a 52-week range of $7.95 to $13.92.

Jazz Pharmaceuticals (NASDAQ:JAZZ) advancements may be credited to a favorable Markman ruling concerning the company’s narcolepsy medication Xyrem, The Wall Street Journal reports. According to an analyst at Jefferies, the patent construction ruling “seems like a clear win for Jazz,”  the report stated. In late afternoon trading, shares of Jazz saw a 15 percent increase to $55.27. The shares have traded in a 52-week range of $34.02 to $54.50.

Lloyds Banking Group (NYSE:LYG): China Construction Bank is the second largest bank by assets in China, and it has more than $15.8 billion in capital ready for the acquisition of a European bank or to take a minimum of a 30 percent to 50 percent stake in one, Financial Times reports, citing an interview with the group’s chairman, Wang Hongzhang. Wang has stated that an investment in the U.K., Germany, or France would be ideal although the bank did not offer names, the report added. The shares have traded in a 52-week range of $1.33 to $2.60.

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