Cross Timbers shoots for 90% gas portfolio

Anne Rhodes Associate Managing Editor-News Cross timbers' new producing areas [140,793 bytes] Cross Timbers Oil Co. has made an acquisition that will round out its portfolio of U.S. natural gas properties and move it further toward its ultimate goal of having a reserves base that consists of 90% natural gas. In its latest in a series of growth moves, Fort Worth-based Cross Timbers signed a definitive agreement with Lehman Bros. Holding Inc. to acquire, on a 50-50 basis, the common stock of Spring Holding Co., a private oil and gas company based in Tulsa. The $85 million transaction breaks down as follows: Cross Timbers will issue 4 million s...

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