Western Gas Completes Powder River Basin Purchase
Western Gas Resources, Inc.
|Tuesday, March 21, 2006
Western Gas Resources last week completed the acquisition of a previously announced agreement to purchase coal bed methane (CBM) properties and related gathering assets in the Big George fairway of the Powder River Basin of Wyoming. The approximately $136.7-million acquisition (before adjustments) was funded with amounts available under the company's revolving credit facility.
Western Gas' partner in the Powder River Basin CBM play has the option to elect to participate in the acquisition for a 50-percent interest, exercisable 30 days after the company has given formal notice of the acquisition. Formal notice is anticipated by Thursday.