Deals - Acquisition, Mergers, Divestitures | Capital Markets | Private Equity Activity
Gastar Reports Further Eaglebine Closing Delay; Costs Cubic $1.15MM
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Cubic Energy, Inc. has reported that the closing of the previously announced acquisition of the Gastar Exploration Texas LP East Texas properties has been extended to August 16, 2013.
As compensation for the extension of the closing date, Cubic will pay an additional sum of One Million One Hundred Fifty Thousand Dollars ($1,150,000.00), representing an additional 2.5% of the Purchase Price. Once closing occurs, this sum, along with the initial deposit of Two Million Three Hundred Thousand Dollars ($2,300,000.00), shall be applied to the Purchase Price at the closing.
At the election of Cubic, the closing date can be further extended to August 30, 2013 with an additional payment of One Million One Hundred Fifty Thousand Dollars ($1,150,000.00) to Gastar no later than the end of business on August 16, 2013. Upon closing, this additional sum shall also be applied toward the Purchase Price at the closing.
This sale has seen at least two prior extensions on the closing date.