The purchase price for the transaction is US $12.5 million, payable in cash upon closing of the transaction.In addition, a deferred payment of up to US$8 million may be made on April 1, 2011, based upon the increase in proved oil and gas reserves attributable to the purchased interests as at Dec. 31, 2010 above a specified threshold, at a rate of US$0.20 per Mcfe.The transaction is subject to shareholder and regulatory approval. Canaccord Adams served as financial advisor to Bayou Bend in the evaluation of strategic alternatives.
Sunday, April 19, 2009
Bayou Bend sells U.S. assets to Dynamic Offshore Resources
HOUSTON: Bayou Bend Petroleum Ltd. (TSX VENTURE: BBP) has signed a definitive agreement to sell substantially all of its U.S. oil and gas properties to Houston-based Dynamic Offshore Resources.
The purchase price for the transaction is US $12.5 million, payable in cash upon closing of the transaction.In addition, a deferred payment of up to US$8 million may be made on April 1, 2011, based upon the increase in proved oil and gas reserves attributable to the purchased interests as at Dec. 31, 2010 above a specified threshold, at a rate of US$0.20 per Mcfe.The transaction is subject to shareholder and regulatory approval. Canaccord Adams served as financial advisor to Bayou Bend in the evaluation of strategic alternatives.Read More
The purchase price for the transaction is US $12.5 million, payable in cash upon closing of the transaction.In addition, a deferred payment of up to US$8 million may be made on April 1, 2011, based upon the increase in proved oil and gas reserves attributable to the purchased interests as at Dec. 31, 2010 above a specified threshold, at a rate of US$0.20 per Mcfe.The transaction is subject to shareholder and regulatory approval. Canaccord Adams served as financial advisor to Bayou Bend in the evaluation of strategic alternatives.
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