Resolute Energy Holding On To Strong Gain After Early Rally

(RTTNews) - After moving sharply higher early in the session, shares of Resolute Energy Corp. (REN) continue to see considerable strength in late-day trading on Monday. Resolute Energy is currently up by 14.1 percent after reaching its best intraday level in over a month.

The early rally by Resolute Energy (REN) came after the oil and gas company agreed to be acquired by Cimarex Energy (XEC) in a cash and stock transaction valued at approximately $1.6 billion.

"Today's transaction further demonstrates the commitment of the Board of Directors and entire management team at Resolute to maximizing long term value for the company's shareholders," said Rick Betz, CEO of Resolute.