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Stock Market & Financial Investment News

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December 28, 2012
16:48 EDTRENResolute Energy acquires additional Texas oil production, drilling inventory
Resolute Energy Corporation announced that it has entered into definitive agreements, and closed an initial transaction, to acquire a 32% working interest in oil assets, including existing production and undeveloped acreage, in the Permian Basin of Texas from private parties for a purchase price of approximately $125M. In addition, Resolute has acquired, for additional consideration of approximately $5.7M, the option to buy the balance of working interest in the field and operations from the sellers. The acquired assets comprise approximately 32% of the sellers' interests in the properties. The remainder of the working interests in the properties can be acquired at the company's option for additional consideration of approximately $261M, under substantially the same terms as the initial transaction, at any time between now and March 18, 2013.
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