Shares of PDC Energy Surge on Acquisition of SRC Energy Announcement
Shares of independent oil and gas producer PDC Energy (NASDAQ: PDCE) are up 16.8% as of 10:45 a.m. EDT today after the company announced it would acquire SRC Energy (NYSEMKT: SRCI) in a $1.7 billion, all-stock deal. Shares of SRC Energy are also up 11.8% as of the time of this writing.
The shale oil and gas industry in North America has been long overdue for some serious consolidation, and today's announcement was a welcome sign for two struggling producers that have seen their shares decline more than 45% over the past year, even including today's surge.
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Source Fool.com
