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Article: Chaparral-Edge deal collapses.(Corporate News)(Edge Petroleum Corp. terminates its contract with Chaparral Energy)(Brief article)
- Article from:
- The Oil Daily
- Article date:
- December 18, 2008
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Edge Petroleum said it agreed to terminate a deal to be acquired by Chaparral Energy, a private independent exploration and production company, due to lack of debt and equity financing.
Edge also said it is actively considering other strategic alternatives, including a possible sale or merger of the company.
Under the merger-termination agreement, Magnetar Capital, a privately held investment firm, will pay Chaparral $5 million, of which $1.5 million will be paid to Edge at Chaparral's direction.
On July 15, Chaparral Energy said it would acquire ...