Exploration & Production | Top Story | Deals - Acquisition, Mergers, Divestitures
Emerald Oil Snags Permian Acreage; Increase Budget
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Emerald Oil, Inc. and one of its wholly owned subsidiaries entered into a purchase and sale agreement with Yates Petroleum Corporation and its affiliates pursuant to which the Company agreed to acquire Seller's right, title and interest in certain oil and gas properties and assets located in Lea and Eddy Counties, New Mexico, constituting approximately 10,746 net acres of core Delaware Basin acreage. The total purchase price for the asset package is approximately $75.2 million in cash, (the "Delaware Basin Properties").
The Purchase Agreement contains customary representations, warranties, covenants and indemnities by the parties thereto, and the closing of the transaction contemplated by the Purchase Agreement is subject to the satisfaction of certain customary closing conditions as…
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