Sterling Energy Plc, London, (London: SEY) plans to acquire Whittier Energy Corp., Houston, (Nasdaq: WHIT) for US$11 per share for approximately US$145 million in cash plus the assumption of US$43 million in debt for a total deal valued at US$188 million. Whittier's assets are principally in Louisiana, Texas, Oklahoma and New Mexico with minor property interests in California, Colorado, Utah, Wyoming and Pennsylvania. The primary properties are on the Gulf Coast and in the Permian Basin. Net production is 16.2 million cubic feet of gas equivalent per day. Reserves are 49 billion cubic feet equivalent.
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