Diversified Gas & Oil To Buy Assets In Ohio For USD50 Million

Thu, 25th Jul 2019 12:47

(Alliance News) - Diversified Gas & Oil PLC on Thursday announced the acquisition of some oil and gas assets in US state of Ohio for USD50 million.

The assets are being bought from EdgeMarc Energy Holdings LLC, and Diversified Gas will be paying for them from existing liquidity, without using any debt.

The sale is being carried out through a Bankruptcy Court-supervised process, and there may be other, higher bidders.

While the company believes EdgeMarc will be an attractive acquisition, given the Court process there can be no certainty at this point the transaction will be completed," said DOG.

"The company expects to make a further announcement on or before August 29."

Shares were down 1.5% on Thursday afternoon at 109.88 pence each.

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