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NGAS Resources sells remaining 50% interest in Appalachian gas gathering facilities to Seminole Gas

Posted on: Tue, 18 Aug 2009 14:59:00 EDT

Symbols: NGAS

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Aug 18, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --
NGAS | Quote | Chart | News | PowerRating -- NGAS Resources, Inc., an independent exploration and production company focused on natural gas basins, has sold its 50% interest in 485 miles of Appalachian gas gathering facilities to Seminole Gas Company, LLC (SES), for $22 million. Both the companies are based in the US.

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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