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Monday, June 04, 2012 8:56:48 AM
AUSTIN, Texas, Jun 04, 2012 (BUSINESS WIRE) -- Forestar Group Inc. /quotes/zigman/492604/quotes/nls/for FOR -5.04% today announced the signing of a definitive agreement to acquire CREDO Petroleum Corporation /quotes/zigman/70610/quotes/nls/cred CRED +4.12% in an all cash transaction for $14.50 per share, representing an equity purchase price of approximately $146 million. The agreement has been approved by each company's Board of Directors.
"This strategic acquisition is consistent with our recently announced Triple in FOR initiatives to accelerate value realization, optimize transparency and disclosure and raise net asset value through strategic and disciplined investments," said Jim DeCosmo, president and chief executive officer of Forestar. "This acquisition is expected to more than double Forestar's existing oil and gas production and proven reserves, provide Forestar with operating flexibility, and create a solid platform for continued growth."
Following closing of the proposed transaction, Forestar will have meaningful ownership and operations in several strategic oil and gas formations including the Bakken and Three Forks, increased exposure to oil, and additional transparency and disclosure benefits.
Key highlights of the acquisition include:
-- Securing mineral leasehold interests in approximately 125,000 net mineral acres, including approximately 6,000 net mineral acres comprising about 50 units in the core of the Bakken and Three Forks formations
-- Increasing Forestar's reserves by over 135% to 7.1 million BOE (barrels of oil equivalent) based upon year-end 2011 reserves, with oil representing 43% of total combined reserves (on a BOE basis)
http://www.marketwatch.com/story/forestar-to-acquire-credo-petroleum-2012-06-04
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