BUZZ-Earthstone Energy Inc: To buy Lynden Energy in all-stock deal

Thu Dec 17, 2015 11:47am EST
 
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** Oil and gas producer's shares down 21.4 pct at $14.26 as it announces plan to buy energy company Lynden Energy Corp in an all-stock deal

** Earthstone to issue about 3.7 mln shares to Lynden stockholders - about 21 pct of Earthstone's outstanding shares

** The deal will give Earthstone, focused on Eagle Ford shale in Texas, access to the Midland Basin in the state

** Deal comes amid a 35 pct drop in global oil prices this year; the company's shares had lost 23 pct