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Forestar to buy Credo Petroleum for $146 million
(Reuters) - Natural resources company Forestar Group Inc (FOR.N) said it will buy Credo Petroleum Corp CRED.O for $146 million in cash, more than doubling its proven oil and natural gas reserves estimates.
The majority of Forestar's revenue comes from lease bonus payments and oil and gas royalties from over 470 producing wells owned and operated by third parties in Texas and Louisiana.
Monday's deal will give Forestar ownership in several oil and gas formations including the Bakken and Three Forks.
The deal will help increase Forestar's reserves by over 135 percent to 7.1 million barrels of oil equivalent, giving it more exposure to oil.
Forestar will pay Credo shareholders $14.50 per share, a 33 percent premium to the stock's Friday close of $10.86 on the Nasdaq.
Credo shares rose 32 percent to a year-high of $14.38 on the Nasdaq on Monday.
The deal is expected to close in the second half of 2012.
Goldman Sachs & Co advised Forestar, while Houlihan Lokey Financial Advisors Inc and Northland Capital Financial Services Llc advised Credo.
(Reporting by Swetha Gopinath in Bangalore; Editing by Don Sebastian)
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