Tuesday, February 2, 2010

Ellora Sells Kansas Interests

Ellora Energy has officially closed the $247 million sale of its Kansas interests and is now setting its sights southward to, as the CEO said, "maximize the value of our remaining assets in the Haynesville and Bossier Shale gas plays in East Texas as we continue to explore our strategic options."  That means they are looking to sell.

As reported back in December, Ellora is looking to exit its positions in the Hugoton Field in Kansas and the Haynesville Shale. Given the promising acreage in the Haynesville Play, I'm sure the company is looking for a big number.  The Kansas sale allowed the company to pay off its debt and put $100 million in the bank, so it has the luxury of being able to wait for the right offer for its Haynesville interests. 

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