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GeoResources swoops in $78m deal

GeoResources is poised to buy Southern Bay Oil & Gas and Chandler Energy in a $78 million stock deal.

Upstream staff  14 September 2006 13:18 GMT

GeoResources said it would issue 8.263 million shares of common stock for all of the partnership interests of Southern Bay and 1.931 million shares of common stock for all of the outstanding membership interests of Chandler Energy.

It said the proposed deals would create a combined entity with assets in the Williston basin, the Rocky Mountains and the Gulf Coast.

Published: 14 September 2006 13:18 GMT  | Last updated: 14 September 2006 13:18 GMT

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