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Diversified Gas & Oil completes EdgeMarc acquisition

By BFN News | 09:48 AM | Thursday 19 September, 2019


Diversified Gas & Oil PLC, the U.S. based owner and operator of natural gas, natural gas liquids and oil wells as well as midstream assets, confirms that it completed the purchase of certain assets from EdgeMarc Energy Holdings, and that the conditions of the Acquisition have been met in full. The consideration for the Acquisition was $50m, funded from existing debt facilities, to acquire 12 producing unconventional Utica natural gas wells and related facilities in Monroe and Washington counties within the State of Ohio, three drilled but uncompleted wells, and undeveloped land containing deep Utica rights. The Company also paid approximately $1.6m (net of hedge cash settlements from the 1 August 2019 effective date) for EdgeMarc's natural gas financial hedge portfolio. Commenting on the completion of the Acquisition, CEO, Rusty Hutson, Jr., said: 'We are pleased to close this acquisition just three weeks after a successful bid. We now turn our attention to fully integrating these accretive assets and to determining the optimal way to realise additional value for the acquired DUCs and undrilled locations.' At 9:48am: (LON:DGOC) Diversified Gas Oil Plc share price was -0.25p at 115.75p Story provided by StockMarketWire.com

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