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Seminole Gas Company provides natural gas midstream and marketing services to end users and producers.
Deal Value (US$ Million) 22 Deal Type Acquisition Sub-Category Asset Purchase Deal Status Completed: 2009-08-18
Deal Participants
Target (Company) NGAS Resources, Inc. - Appalachian Gas Gathering Facilities Acquirer (Company) Seminole Gas Company, LLC Vendor (Company) NGAS Resources, Inc.
Deal Rationale
The transaction woule enable NGAS Resources to reduce outstanding borrowings under NGAS' revolving credit facility to $31 million and payments on the $14.5 million promissory note issued by SES, including interest at 8% per annum, will be applied for further debt reduction.
% Acquisition 50%
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