Evergreen Resources buying Carbon Energy Corp. for $84 million

Evergreen Resources Inc., Denver, plans to acquire Carbon Energy Corp., also of Denver, for about $91 million including assumption of debt, with closing planned in the second quarter of 2003.

April 16, 2003

By OGJ editors
HOUSTON, Apr. 16 -- Evergreen Resources Inc., Denver, plans to acquire Carbon Energy Corp., also of Denver, for about $91 million including assumption of debt, with closing planned in the second quarter of 2003.

The properties to be acquired have substantial upside, Evergreen said. They contain at least 57 bcfe of proved reserves in the Piceance and Uintah basins and 31 bcfe in central Alberta and Southeast Saskatchewan. Almost all of the reserves are gas. Net gas production averages 13 MMcfd.

Evergreen is to acquire 150,000 gross acres in the US and 77,000 in Canada. The Canadian acreage contains substantial unexploited potential in a number of formations, including coal seams, tight sands, shales and conventional gas, Evergreen said.