Thursday, July 29, 2010

Ellora Energy Sale Announced

Last week, Ellora Energy announced that the company had reached an agreement to be sold for $695 million to an undisclosed buyer.  Last year, the company announced its intentions to "consider its strategic alternatives."  Not unexpectedly, the best strategic alternative was to spit the company's Kansas/Colorado and east Texas operations and sell them separately.  Earlier this year, the company sold its western operations.

Ellora has 46,000 net acres in the Haynesville Play along the Texas/Louisiana border in Shelby Co., DeSoto Parish and Sabine Parish and a 100 pipeline system on the Texas side.

I eagerly await finding out who bought the company.

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