HOUSTON, April 03, 2017 (GLOBE NEWSWIRE) -- Spark Energy, Inc. (NASDAQ:SPKE), a Delaware corporation, announced today that it has closed on the previously announced acquisition of 19,000 RCEs from National Gas & Electric, LLC ("NG&E") and has exercised an option to acquire an additional 41,000 RCEs from a third party in connection with this acquisition. These acquisitions will add the state of Delaware, along with one new utility territory to Spark’s existing footprint. The transaction was reviewed and approved by a special committee of the Board of Directors consisting solely of independent directors.

In addition, the Company has raised its 2017 Adjusted EBITDA guidance to $110.0 million – $120.0 million for the year ended December 31, 2017. This new guidance represents more than a 20% increase on the midpoint of Spark’s initial 2017 Adjusted EBITDA guidance of $90.0 million – $100.0 million.

“We are having a very strong start to the year both in terms of RCE count and gross margin,” said Nathan Kroeker, Spark Energy’s President and Chief Executive Officer. “With better than anticipated performance and synergies on our recent acquisitions, and the continued execution of our growth plan, we believe our first quarter results and our performance for the remainder of 2017 will significantly exceed previous expectations. These positive first quarter results, together with the additional 60,000 RCEs we are acquiring in the transactions announced today, support an updated 2017 estimated Adjusted EBITDA guidance range of $110.0 million to $120.0 million.

"In addition, with our recently closed preferred offering, including the exercise of the underwriters' overallotment option, we believe that we are well positioned to continue our growth and finance additional M&A activity without the need for us to access the common equity markets."

About Spark Energy, Inc.

Spark Energy, Inc. is an established and growing independent retail energy services company founded in 1999 that provides residential and commercial customers in competitive markets across the United States with an alternative choice for their natural gas and electricity. Headquartered in Houston, Texas, Spark currently operates in 19 states and serves 91 utility territories. Spark offers its customers a variety of product and service choices, including stable and predictable energy costs and green product alternatives.