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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Jim P. who wrote (178601)8/14/2013 7:50:46 AM
From: Dennis Roth1 Recommendation

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PXD and PSE Announce Merger Agreement
PXD to Acquire Units for $870mm; Exchange Ratio Bumped ~4%
12 August 2013 ¦ 12 pages ir.citi.com

PXD and PSE have announced the execution of a definitive agreement for the
previously announced proposed merger of PSE with PXD, through a stock-for-
unit exchange. PXD already owns ~52% of the outstanding common units of PSE
and will acquire each remaining unit in exchange for 0.2325 shares of PXD
common stock (4.1% increase relative to initial offer). Based on PXD’s Friday,
August 9th closing price, the offer equates to a value per unit of $40.83 for PSE
unitholders (excl any distributions).
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