By the OGJ Online Staff
HOUSTON, Dec. 27 -- Delta Petroleum Corp., Denver, agreed to buy Piper Petroleum Co., a privately owned oil and gas company based in Fort Worth, Tex.
Delta will issue up to 1.4 million restricted shares of its common stock to Piper shareholders and pay off $1.2 million in Piper debt.
Piper owns interests in more than 300 oil and gas wells, mostly in Texas, Oklahoma, and Louisiana. It also owns a 5% stake in the Comet Ridge coalbed methane project in Queensland, Australia.
The transaction is expected to close Feb. 15. Piper will be merged into a wholly owned subsidiary of Delta.
Delta Petroleum also announced that on Nov. 15 it bought producing properties from three unaffiliated parties for $412,427 cash and 137,476 restricted shares of common stock.
Those nonoperated minority interests in 34 gas wells and associated undeveloped acreage are in six fields in the Edwards Reef Trend in Lavaca, DeWitt, Karnee, Live Oak, and McMullen counties in Texas.