Westside Energy Corp., Houston, (Amex: WHT) plans to acquire 100% of the partnership interests and assume certain debt of EBS Oil and Gas Partners Production Co. LP and its affiliates for $9.8 million in cash. As part of the transaction, Westside has also purchased $3.85 million of debt owed by EBS. The transaction is expected to close by the end of January. Westside plans to finance the transaction with a combination of cash, bank and other debt, and equity. EBS has interests in 27 producing wells with estimated total proved reserves of 2.3 billion cubic feet of gas equivalent (88% gas; 51% proved developed producing) in the Barnett Shale. EBS and Westside have drilled six wells as part of an earlier agreement in which Westside invested $2.5 million. Westside also provided funds for EBS to acquire 3,873 gross acres in their area of mutual interest.
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