Rochester,NY 8/21/2009 10:47:40 PM
NGAS Resources,Inc.NGAS-Closes Sale of Remaining Interest in Gathering facilities to Seminole Energy Services for $22 Million
NGAS Resources,Inc
NGAS Resources, Inc. declared that it has closed the sale of its remaining 50% interest in 485 miles of Appalachian gas gathering facilities to Seminole Energy Services (SES) for $22 million. The purchase price was paid $7.5 million at closing, with the balance of $14.5 million payable by SES in monthly installments through December 2011.
The sale finished a mid-July monetization of the initial half interest in the gathering system to a subsidiary of SES for $28 million and was triggered by NGAS' exercise of put rights that it acquired at that time.
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