Presidio Oil Agrees to Pay $40 Million for Properties
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NEW ORLEANS — Presidio Oil Co. has announced a definitive agreement to buy oil and gas producing properties and undeveloped acreage, principally in Louisiana, for $40 million in cash and stock.
The properties include production in Texas, Oklahoma and New Mexico as well as 30,000 undeveloped acres. Presidio expects the deal to be final by the end of August.
The properties are being purchased from numerous oil and gas operators, including most Louisiana holdings of King Ranch Oil & Gas Inc., Presidio spokesmen said.
Other participants in the deal were not identified.
Presidio is an independent oil and gas producer engaged in onshore projects primarily in Louisiana, Texas, Oklahoma, Wyoming and West Virginia.
The firm tripled its oil and gas reserves during the past two years through acquisitions and development drilling, said George P. Giard Jr., Presidio chairman.
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