Exxel to buy Galaxy's stake in Piceance basin

A unit of Exxel Energy Corp. agreed to buy Galaxy Energy Corp.'s 25% interest in Galaxy's unconventional gas properties in the Piceance basin of Garfield County, Colo., for $50 million.

Aug. 1, 2006

By OGJ editors
HOUSTON, Aug. 1 -- A unit of Exxel Energy Corp. agreed to buy Galaxy Energy Corp.'s 25% interest in Galaxy's unconventional gas properties in the Piceance basin of Garfield County, Colo., for $50 million.

Exxel Energy USA Inc.'s acquisition will raise its stake to 100% interest in the Rifle Creek project, covering 6,000 net acres and including three producing wells.

The parties plan to finalize terms during the next several weeks. Galaxy is based in Denver, and Exxel is based in Vancouver, BC. Galaxy focuses on developing coalbed methane projects in Wyoming and Colorado.