Newspaper article THE JOURNAL RECORD

Spring Resources Acquires Properties

Newspaper article THE JOURNAL RECORD

Spring Resources Acquires Properties

Article excerpt

TULSA (JR) -- Spring Resources almost tripled the number of wells it owns through two acquisitions announced on Monday.

Spring acquired most of the Arkoma Basin assets of Sonat Exploration and purchased Exxon's properties in the Pine Hollow Field in Pittsburg County, said Theresa Killgore, president of Spring.

Spring's reserve base is 80 percent proved developed with natural gas accounting for 98 percent or the reserves.

Spring's net production increased to 65 million cubic feet per day with the two acquisitions. The two purchases also triple the number of Spring-owned wells to 1,400 and increased its net proved reserves to more than 250 billion cubic feet equivalent.

The acquisitions were funded with a new $175 million credit facility. The lead bank was BankBoston. Syndicate participants include First Union National Bank and CIBC Oppenheimer.

The Sonat transaction was completed through an acquisition of Sonat's wholly owned subsidiary, Green Tree Resources, and a subsequent merger of Green Tree with Tulsa-based Spring. …

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