Emerald Oil and Gas will acquire New Frontier Energy’s 45% interest in the Green River Basin joint venture in the US under a new Memorandum of Understanding (MoU).
Emerald will pay New Frontier $10m in cash and the equivalent of $5m in Emerald ordinary shares.
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The Green River Basin joint venture includes 60,000 acres of highly prospective Niobrara shale formation and is operated by Entek Energy, which owns the remaining 55% interest in the project.
Emerald will also acquire partnership interests in a firm that owns and operates an 18 mile, 6in gas export pipeline with associated access rights to the Rocky Mountains natural gas pipeline grid.
