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Gastar Exploration Inc. Message Board

  • pocilujko pocilujko Sep 6, 2013 3:14 PM Flag

    Some Information: In 3Years from $100 Million to $187.5 Million.

    "Lime Rock Resources Acquires $100 Million WEHLU Field in Oklahoma

    Second Major Acquisition in Oklahoma in 2010

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    HOUSTON, June 16, 2010 — Lime Rock Resources, acquirers and operators of producing oil and gas properties in the United States, today announced that it has successfully closed the acquisition of oil and gas interests in the West Edmund Hunton Lime Unit (WEHLU) in Oklahoma County, Oklahoma for $100 million. The field was acquired from a publicly traded oil and gas company. The Lime Rock Resources team assumed operations of over 30 producing wells in May 2010 and is beginning the assessment of development drilling and operational improvement projects. The WEHLU acquisition represents the second major acquisition by the Lime Rock Resources team in Oklahoma in 2010, following the $107 million acquisition of the Potato Hills field in March of this year."

    "HOUSTON , September 5, 2013 - Gastar Exploration Ltd. (NYSE MKT: GST) today announced that has signed a purchase and sale agreement to acquire a 98.3% working interest (80.5% net revenue interest) in 24,000 acres of the West Edmund Hunton Lime Unit (“WEHLU”) located in Kingfisher, Logan, Oklahoma and Canadian counties, Oklahoma. All of the acreage in the unit is held by production (“HBP”) and located nearly adjacent to a portion of the Hunton Limestone assets that Gastar acquired earlier this year from Chesapeake Energy (see attached map). The transaction purchase price is $187.5 million, subject to customary closing adjustments, with an expected closing date in late November 2013 and a purchase effective date of August 1, 2013.

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    • Lime Rock Resources Acquires Oil And Gas Interests In The West Edmund Hunton Lime Unit In Oklahoma
      Published: Jun 17 2010
      Deal Summary

      Lime Rock Resources, an acquirer and operator of producing oil and gas properties in the United States, completed the acquisition of oil and gas interests in the West Edmund Hunton Lime Unit (WEHLU) in Oklahoma County, Oklahoma, from Petrohawk Energy Corporation, for a purchase consideration of $155 million. The Lime Rock Resources team assumed operations of over 30 producing wells in May 2010 and is beginning the assessment of development drilling and operational improvement projects.

      Eric Mullins, co-CEO of Lime Rock Resources, said, “We are happy to have had an opportunity to acquire WEHLU, which perfectly fits our strategy to acquire lower-risk producing oil and gas properties in our core areas of operations. We worked with the seller on a highly accelerated timetable and completed the deal at a fair price in open and efficient discussions, allowing us to acquire and operate the properties on behalf of our investors and for the seller to quickly redeploy the capital to other strategic goals.”

      Charlie Adcock, co-CEO of Lime Rock Resources, added, “We hope that what continues to differentiate Lime Rock Resources as both a buyer and occasional seller of oil and gas properties is our straightforward approach to transactions. We are looking for mature properties for which our scale and intensive engineering and operations focus allow us to dedicate time, people, and resources other operators can better allocate elsewhere. With this strategy, we look to work with sellers to make transactions undramatic occasions in which both sides can achieve their goals.”

      RBC Richardson Barr acted as financial advisor to Petrohawk Energy on the transaction

 
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