Melrose Resources Plc, London, (Pink Sheets: MRSJF) plans to acquire privately owned Merlon Petroleum Co., Houston, for US$265 million cash. Merlon has interests in the Nile Delta region of northern Egypt and assets in the Texas Gulf Coast region. Melrose estimates the acquisition includes net proved-plus-probable reserves in Egypt of approximately 132.8 billion cubic feet of gas equivalent and average net daily production of 17.5 million cubic feet of gas equivalent per day. Average net daily production from Merlon's Texas properties is approximately 14.4 million cubic feet of gas equivalent per day and net proved reserves are approximately 11.8 billion cubic feet of gas equivalent. The acquisition is expected to close in mid-June. Petrie Parkman & Co. is advising Merlon.
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