Forestar Group Inc. (NYSE: FOR) announced the completion of its acquisition of Credo Petroleum Corp. for approximately $146 million in cash, excluding closing costs.
The company funded the purchase with borrowings under its senior credit facility and available cash.
Credo is an oil and gas exploration, development and production company based in Denver, which owns leasehold interests in over 135,000 net mineral acres. Credo owns working interests in approximately 380 producing wells and overriding royalty interests in approximately 1,200 wells.
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