Jun. 24, 2009 (U.S. Equity News) --
Oil & Gas Refining & Marketing industry alert provided by U.S. Equity News. Strategic American Oil Corporation (OTCBB: SGCA) is pleased to announce it has accepted an unsolicited offer to acquire all of the company's interest in leases and production in Franklin and Richland Parish, Louisiana from Frazier Resources Company, Houston, Texas. Under the terms of the offer, the Company would receive 75% of a $775,000.00 cash payment, or $581,250 for the Company's 75% interest in the Holt, Strahan and Dixon leases. The Company originally acquired the producing leases in the 4th quarter of 2006 for $250,000. Frazier Resources is currently engaged in a review of the Company's leases, assignments, lease operating expenses, and related documents. Upon successful completion of Frazier's due diligence review, the parties will execute a "Letter of Intent" outlining the final sales terms and subsequently close the transaction. For the complete report visit www.stocksjournal.com
Northern Oil and Gas, Inc. (NYSE: NOG) ("Northern Oil") today announced that it has agreed to sell 2,250,000 shares of its common stock to certain purchasers through a registered direct offering priced at $6.00 per share, resulting in gross proceeds of approximately $13.5 million. C.K. Cooper & Company acted as lead placement agent on the transaction. Northern Oil expects to use the net proceeds from the offering to repay a portion of the current borrowings under its revolving credit facility, primarily including borrowings incurred in connection with its recently announced acquisition of additional Bakken assets
Legacy Reserves LP (Nasdaq: LGCY) announced today that its Conflicts Committee, after careful review of the Proposal Letter from Apollo Management VII, LP ("Apollo Management") as announced on April 3, 2009 and subsequent negotiations relating to the Proposal Letter, has determined that it is in the best interest of the unitholders of Legacy Reserves LP ("Legacy") to terminate discussions with Apollo Management. The Conflicts Committee, composed of the independent members of the Board of Directors of the general partner of Legacy, has fully evaluated and considered in detail the Proposal with the assistance of Tudor, Pickering, Holt & Co., L.L.C., its independent financial advisor, and Richards, Layton & Finger, P.A., its independent legal advisor. The Conflicts Committee also engaged in negotiations with Apollo Management but was unable to reach agreement. Therefore, the Conflicts Committee has determined that it is in the best interest of Legacy's unitholders to terminate further discussions with Apollo Management, and the Conflicts Committee has notified Apollo Management of its decision.
Kodiak Oil & Gas Corp.
