NGAS Resources Shareholders Approve Acquisition by Magnum Hunter
April 11 2011 - 8:15AM
NGAS Resources, Inc. (Nasdaq:NGAS), an independent exploration and
production company focused on unconventional natural gas plays in
the southern Appalachian Basin, announced that on April 8, 2011 its
shareholders approved the acquisition of NGAS by Magnum Hunter
Resources Corporation ("Magnum Hunter") in an all-stock transaction
structured as a statutory arrangement under British Columbia law,
where NGAS is organized. Under the arrangement agreement for the
transaction, each outstanding common share of NGAS will be
transferred to Magnum Hunter for the right to receive 0.0846 shares
of Magnum Hunter common stock. The exchange ratio for the
transaction is not subject to any adjustments and will result in
the issuance of approximately 6.6 million shares of Magnum
Hunter common stock to NGAS shareholders.
The transaction is subject to additional closing conditions,
including the issuance of a final order by the Supreme Court of
British Columbia approving the arrangement. Upon closing of
the transaction, which is anticipated on or about April 13, 2011,
NGAS will become a wholly-owned subsidiary of Magnum Hunter, and
its common stock will no longer be listed on the Nasdaq Capital
Market.
About NGAS Resources
NGAS Resources, Inc. is an independent exploration and
production company focused on unconventional natural gas plays in
the eastern United States, principally in the southern Appalachian
Basin. Core assets include over 330,000 acres with
interests in approximately 1,350 wells and an extensive
inventory of horizontal drilling locations. The company also
operates the gas gathering facilities for its core Appalachian
properties, providing deliverability directly from the wellhead to
the interstate pipeline.
The NGAS Resources, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7617
NGAS – G
CONTACT: NGAS Resources, Inc.
Kathleen Heaney
Phone: (646) 912-3844
Fax: (859) 263-4228
E-mail: ngas@ngas.com
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