Energy Industry
Industry: Email Alert RSS FeedEDGE PETROLEUM TO BUY MILLER EXPLORATION FOR $12.7 MILLION IN STOCK
Hart's Petroleum Finance Week, June, 2003
Edge Petroleum Corp. (Nasdaq: EPEX) has agreed to buy Miller Exploration Co. (Nasdaq: MEXP) in a stock-for-stock merger that values Miller at $12.7 million.
Assuming an August 1 closing date, Edge's estimated production will increase to between 8.8 billion cubic feet of gas equivalent (Bcfe) and 9 Bcfe for 2003, its debt-to-capital ratio will fall to approximately 22 percent, proved reserves and production will increase by about 10 percent, and unused borrowing capacity will increase by about $3 million to $5 million
The number of Edge shares to be issued to Miller shareholders will be based upon the average closing price of Edge's stock for a 20-trading day period ending five days prior to the date when Miller shareholders meet to consider the merger.
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