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Article: St. Mary Announces Agreement to Acquire Oil and Gas Properties From Flying J Oil & Gas and Big West Oil & Gas.
- Article from:
- Business Wire
- Article date:
- December 13, 2002
CopyrightCOPYRIGHT 2002 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors
DENVER--(BUSINESS WIRE)--Dec. 13, 2002
St. Mary Land & Exploration Company (NYSE:SM) today announced that through its wholly owned subsidiary Nance Petroleum Corporation it had agreed to acquire oil and gas properties with an estimated 69 BCFE of proved reserves, 92% developed, from Flying J Oil & Gas Inc. and Big West Oil & Gas Inc. in exchange for the issuance of a total of 3.4 million restricted shares of St. Mary common stock.
In addition, St. Mary has agreed to make a non-recourse loan to Flying J and Big West of $72 million at Libor plus 2% for up to a 39-month period, which will be secured by a pledge of the shares of St. ...