Westport Resources to Buy Oil and Gas Assets for $350 Million
(Houston, Texas) – Denver-based independent energy company Westport Resources Corporation (NYSE: WRC) announced recently its agreement to purchase oil and gas assets in South Texas from privately held United Resources for $350 million. The transaction is expected to close by year end.
Westport estimates the properties’ proved reserves at 211 billion cubic feet equivalent, of which 97 percent is natural gas and 60 percent is proved developed. The properties produce 78 million cubic feet equivalent a day, and Westport expects to operate 86 percent of this production. The company will use cash and borrowings under its revolving credit facility to fund the acquisition.
Akin Gump Strauss Hauer & Feld represented Westport in the transaction.
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