Aurora Oil & Gas Corporation has signed a non-binding Letter of Intent to acquire Acadian Energy, LLC, a private company focused on unconventional natural gas exploration and production in the New Albany Shale. The acquisition will include over 10,000 acres of New Albany Shale properties, 4 development wells, and approximately 7 bcf in proved reserves. Consideration is expected to be approximately $12.5 million paid primarily in restricted stock.
Additionally, the founder and President of Acadian Energy, Mr. John E. McDevitt, has agreed to join Aurora Oil & Gas Corporation as its President and Chief Operating Officer and has been appointed to Aurora's Board of Directors, effective immediately.
Mr. McDevitt has over 40 years of experience in a variety of industries, including oil and gas exploration and production, real estate development and finance, equipment leasing and finance, investment banking and lending, computer software development, wholesale distribution of products, and television and radio production. Notably, Mr. McDevitt has been an executive leader within several startup companies which were built into major industry players.
From 2001 to 2006, Mr. McDevitt served in the senior management of CDX Gas, LLC, an independent oil and gas company focused on the onshore exploration and production of unconventional natural gas. Mr. McDevitt's responsibilities included international operations, new technology development, strategic planning, engineering, and land operations. Mr. McDevitt also served as Chief Financial Officer, raising over $1 billion in debt and equity financing to facilitate the company's growing business. In addition, as President of CDX Resources, LLC, a subsidiary of CDX Gas, LLC, Mr. McDevitt managed the nation's 12th largest onshore drilling rig fleet and an in-house directional drilling company. With his assistance, CDX was sold in 2006 to a private equity group for $835 million.
William W. Deneau, Chairman and CEO, commented, "John McDevitt brings to Aurora a wealth of experience and a history of proven success with emerging enterprises. In addition, John has spent the past several years building an extensive database of information on the New Albany Shale. His work supports the predictable nature of this exciting play. We are very pleased to have him join our team and integrate his experience, network of professional contacts, and enthusiasm for our natural gas prospects."
William W. Deneau, Chairman and CEO, commented, "These strategic changes are coordinated with the ongoing work being performed by Johnson Rice & Company, L.L.C. Together, we are creating a stronger foundation from which we can take Aurora to the next level."
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