Great Plains to grab RedStar Oil & Gasadmin
Great Plains Exploration Inc. and RedStar Oil & Gas Inc. have announced an agreement under which Great Plains will take over RedStar in an all-stock transaction valued at about $30 million.
Under the pre-acquisition deal announced yesterday, Great Plains will offer 0.9 share for each RedStar share tendered to the bid.
Total payment will amount to 32.2 million Great Plains shares, worth 92 cents each at current stock prices.
Great Plains will acquire about 1,000 barrels of oil equivalent output a day, about 2.6-million barrels of oil equivalent proved plus probable reserves, geological data and undeveloped land.