One-Page Deal Sheet
Fidelity Exploration Acquires East Texas Natural Gas Properties
Fidelity Exploration & Production, MDU Resources Group Inc. Enervest Ltd.
Announced Date
January 04,2008
Effective Date
January 01,2008
Close Date
January 31,2008
Transaction Type
Property
Enterprise Value (EV)($MM)
235
Asset/Basin:
{"East Texas"}
Location
Country
United States
State
Texas
Transaction Details: Require Private Equity Subscription
MDU Resources Group, Inc. announced that its indirect wholly owned subsidiary, Fidelity Exploration & Production Company (Fidelity), signed a purchase and sale agreement on Jan. 4, 2008, to acquire natural gas properties located in Rusk County, Texas.
The agreement includes the purchase of 97 billion cubic feet equivalent (Bcfe) of proven reserves and 36 Bcfe of estimated probable reserves. Current net production from these assets is approximately 17.5 million cubic feet equivalent per day. The purchase price for these properties is $235 million, or $2.42 per thousand cubic feet equivalent of…
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