Crimson Exploration to Sell Interests in Fort Worth Barnett Shale Play
Posted on: Wednesday, 9 January 2008, 09:01 CST
Crimson Exploration and its operator-partner have entered into a series of agreements to sell their interests in wells and undeveloped acreage in the Fort Worth Barnett shale play in Johnson and Tarrant counties, Texas, to an undisclosed buyer.
Crimson owns a 12.5% non-operating working interest in the assets being sold. The transaction, which is contingent upon the satisfaction of certain conditions by the buyer and sellers, is expected to close by the end of the first quarter of 2008.
The final consideration to be paid by the buyer will be based on existing wells and undeveloped acreage owned by the company and its partner at the time of closing. The company and its partner will continue to drill wells, and accumulate acreage, until the time of closing. The company's share of the estimated final consideration is projected to be between $28 million and $32 million.
Source: Datamonitor
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