HPGS .08 EOD / .084 HOD Today's News + End-Comments: High Plains Gas Announces Completed Acquisition of BGM Buildings 8:00a ET November 3, 2011 (Business Wire)
High Plains Gas, Inc. (OTC: HPGS) today announced that terms of an agreement to acquire BGM Buildings, LLC ("BGM") through its subsidiary HPG Services, LLC ("HPG Services") have been satisfied and the transaction is complete. Both parties have met the necessary requirements to close the transaction and HPG Services took possession of BGM's assets on November 2, 2011.
BGM was acquired for stock and cash consideration. The acquisition of BGM consisted of the complete purchase of all property and equipment, accounts receivable, as well as current and future projects. Moreover, Mr. Bill Mercer, founder of BGM, and his experienced team will join HPG Services effective today.
Brandon Hargett, CEO of High Plains Gas, made the following statement, "The acquisition of BGM is a solid strategic acquisition for High Plains. Bill Mercer, founder of BGM Buildings, has over 15 years of experience in the energy building construction business and will be a great asset to our company. This significant addition further accelerates our efforts of becoming a regional leader within the energy field services space. We expect that this acquisition will generate approximately $2 million to $3 million in revenue in the next 12 months for the company. We were also pleased that Bill elected to accept stock for a significant portion of this acquisition as we view this as a signal of his strong belief in the long-term growth potential of High Plains Gas, Inc. I would like to welcome Mr. Mercer and his team to the High Plains family."
About the Company
High Plains Gas, Inc. is a Gillette, Wyoming based energy company actively engaged in the acquisition, development and production of natural gas primarily in the Powder River Basin. The Company recently acquired the former Marathon "North & South Fairway" assets. These assets consist of 1614 Coal Bed Methane Wells with associated flow lines and over 155,000 net acres. This combined with the company's existing 92 natural gas wells gives the company a strong foundation in the natural gas industry. High Plains Gas will pursue expansion opportunities for the profitable production and transmission of natural gas. High Plains Gas believes it has unique expertise and experience in the refurbishment and reactivation of wells that produce natural gas from coal bed methane formations that helps position it strategically in the Powder River Basin. In 2011, the Company formed a subsidiary, High Plains Gas Services, LLC, focused on providing construction and maintenance services to the energy industry, primarily in the Western United States. For additional information on High Plains Gas, please visit the Company's website at http://www.highplainsgas.com/.
Safe Harbor
Statements made about our future expectations are forward-looking statements and subject to risks and uncertainties as described in our most recent filings made with the US Securities and Exchange commission, and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.
SOURCE: High Plains Gas, Inc.
Company Contact: High Plains Gas, Inc. Tim Ondrak, 406-239-1214 ir@highplainsgas.com www.highplainsgas.com or IR Agency Contact: LHA Becky Herrick, 415-433-3777 bherrick@lhai.com
Have scoped this out for a .09 BID hopefully this week, very good news lately... and remember the 52wkhi was $1.48, which in of itself has value/perceived... because what investors WERE! willing too pay for it.
Consider this a LTP FYI_JMO if/when a .10c BID comes up, holds, then moves forward sometime this week.
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