Basin completes merger with Sterling Energy; company's line of credit is increased.DENVER--(BUSINESS WIRE)--Nov. 22, 1994--Basin Exploration, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BSNX) today announced the completion of its previously announced merger with Sterling Energy Corporation. Sterling shareholders approved the transaction at a special meeting held Thursday, November 17, 1994. Basin paid Sterling shareholders approximately $14.0 million in cash and assumption of debt. Basin also issued warrants to the shareholders of Sterling to purchase 300,000 shares of Basin's common stock at $14. As of yesterday, Basin's common stock closed at $11.13. The warrants will expire five years from today. The bulk of Sterling's assets are located in the Powder River Basin The Powder River Basin is a region in southeast Montana and northeast Wyoming about 120 miles east to west and 200 miles north to south known for its coal deposits. It is both a topographic drainage and geologic structural basin. of Wyoming adjacent to properties already owned by Basin. The remainder of the assets are located in the Paradox paradox, statement that appears self-contradictory but actually has a basis in truth, e.g., Oscar Wilde's "Ignorance is like a delicate fruit; touch it and the bloom is gone. Basin of Utah. The company also stated that its line of credit under its bank facility was increased to $80 million from $65 million as a result of the merger and the company's continued development drilling. Basin Exploration, Inc. is engaged primarily in the development, exploitation and acquisition of oil and gas properties in the Rocky Mountain region The Rocky Mountain Region is a floristic region within the Holarctic Kingdom in western North America (Canada and the United States) delineated by Armen Takhtajan and Robert F. Thorne. . The company's securities are traded on the Nasdaq stock market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbol BSNX. CONTACT: Basin Exploration, Denver Karen Mueller, (303) 685-8085 |
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