American Standard Enters LOI for Permian Acreage
American Standard announced the execution of a letter of intent to acquire approximately 80,000 net acres across the Permian Basin, Eagle Ford shale formation and the Eagle Bine in Texas, the Williston Basin in North Dakota, the Niobrara shale formation in Wyoming and Nebraska, and the Mississippian shale formation in Oklahoma. The Company anticipates that the transaction will also include approximately 300 barrels of oil equivalent per day on existing held by production acreage included in the acquisition. The Company intends to fund the acquisition primarily with the issuance of shares of the Company's common stock, a promissory note, and minimal cash at closing. The transaction is expected to close by December 31, 2011 subject to customary due diligence and the execution of definitive agreements.