On June 6, 2008, CNR Production LLC (CNR), a wholly owned subsidiary of the Company, purchased working interests in certain oil and gas producing properties in south Texas. The acquired properties include a three percent (3%) working interest in over 200 wells across nine separate fields in south Texas, an area where CNR owned working interests from 2003 through 2007.
Cash paid at closing of $7,710,555 was funded by a combination of available cash and $5,200,000 in debt from a new Senior Credit Facility provided by Union Bank of California.
Central Natural Resources, Inc. announces Working Interests Acquisition
Earlier from Central Natural Resources
- Central Natural Resources, Inc. signs Lease Agreement with Highland Oil & Gas.
- Central Natural Resources, Inc. announces Quarterly Dividend and Special Dividend.
- Central Natural Resources, Inc. signs Lease Agreement with Newfield Exploration and declares an increased Quarterly Dividend.
- Central Natural Resources, Inc. subsidiary announces closing of sale of working interest assets