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Article: NGAS Closes Sale On 50% Interest In Gathering System.
- Article from:
- Investrend
- Article date:
- August 19, 2009
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Aug 19, 2009 (FinancialWire via COMTEX) -- (Comment on this article at http://www.financialwire.net/2009/08/19/ngas-closes-sale-on-50-interest-in-gathering-system/)
August 19, 2009 (FinancialWire) -- NGAS Resources, Inc. (NASDAQ: NGAS) has closed the sale of its remaining 50% interest in 485 miles of Appalachian gas gathering facilities to Seminole Energy Services 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 completed a mid-July monetization of the initial half interest in the gathering system to a subsidiary of SES ...