Newspaper article THE JOURNAL RECORD

Patina to Buy Bravo for $119 Million

Newspaper article THE JOURNAL RECORD

Patina to Buy Bravo for $119 Million

Article excerpt

DENVER (JR) -- Patina Oil & Gas Corp. has agreed to buy Tulsa- based Bravo Natural Resources for $119 million.

It was the second announcement of plans to buy an Oklahoma company in the last several weeks by Denver-based Patina.

In October, Patina Oil & Gas said it had agreed to buy the stock of Le Norman Energy of Oklahoma City for $68 million. The Le Norman purchase is expected to be completed this month.

Bravo's properties are primarily in the Anadarko Basin of Texas and Oklahoma. The private company's proved reserves are estimated at 133 billion cubic feet equivalent with 90 percent natural gas. Net daily production currently is 14 million cubic feet of gas and 170 barrels of oil. The purchase, which is the second transaction announced by Patina in the past 30 days, will be funded with bank borrowings and is scheduled to close in early December.

The Bravo properties are primarily located in Hemphill County, Texas, and Custer and Caddo Counties of western Oklahoma. …

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