One-Page Deal Sheet
Forestar Group Acquires Credo Petroleum
Forestar Group Inc. Credo Petroleum Corp.
Announced Date
June 05,2012
Close Date
September 28,2012
Transaction Type
Corporate
Enterprise Value (EV)($MM)
146
Asset/Basin:
{"Williston Basin",Mid-Continent}
TargetZones:
{Bakken,"Three Forks
Net Acres
Location
Calculated Metrics( EV/Category)
Region
Williston Basin
Country
United States
State
Colorado
Play
Production Production
Calculated Metrics( EV/Category)
$/ Flowing
$/ Acre
Transaction Details: Subscribe to see
Forestar Group Inc. (NYSE: FOR) today announced the completion of its acquisition of CREDO Petroleum Corporation (“Credo”) for approximately $146 million in cash, excluding closing costs. The company funded the purchase with borrowings under its senior credit facility and available cash.
“We are confident this strategic transaction will generate solid returns and accelerate the value to be realized from our oil and gas assets,” said Jim DeCosmo, president and chief executive officer of Forestar. “The acquisition of Credo is expected to double production and reserves, provide meaningful…
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