Forestar Group Inc. Completes Acquisition of Credo Petroleum Corporation
28 Septembre 2012 - 5:48PM
Credo Petroleum Corporation (Nasdaq:CRED) (the
"Company" or "Credo") said today that its previously-announced
acquisition by Forestar Group Inc. ("Forestar") has been completed.
The transaction was originally announced on June 4, 2012
following execution of a merger agreement between the companies.
The merger was approved by the Company's stockholders of record at
a special meeting of the stockholders held on September 25, 2012.
Approximately 73% of the outstanding shares of common stock of
Credo were present in person or by proxy at the meeting. Over
99% of the shares present were voted in favor of the proposal to
approve and adopt the merger agreement. With the completion of the
merger, Credo became a wholly-owned subsidiary of Forestar and its
stock will cease trading on the NASDAQ Global Market at market
close today.
Under the terms of the merger agreement, the Company's
stockholders of record will receive $14.50 per share in
cash. In accordance with the merger agreement, the paying
agent for the merger will send a letter of transmittal and
instructions to stockholders of record, promptly following closing,
advising them how to surrender their shares and receive
payment.
About Credo
Credo Petroleum Corporation is a publicly traded independent
energy company headquartered in Denver, Colorado. The Company is
engaged in the exploration for and the acquisition, development and
marketing of crude oil and natural gas in the Mid-Continent and
Rocky Mountain regions with operations primarily in North Dakota,
Kansas, Nebraska, Texas Panhandle and Oklahoma. Credo uses advanced
technologies to systematically explore for oil and gas and, through
its patented Calliope Gas Recovery System, to recover stranded
reserves from depleted gas reservoirs.
About Forestar
Forestar Group Inc. operates in three business segments: mineral
resources, real estate and fiber resources. At the end of first
quarter 2012, the real estate segment owns directly or through
ventures over 146,000 acres of real estate located in nine states
and twelve markets in the U.S. The real estate segment has 16 real
estate projects representing approximately 27,600 acres currently
in the entitlement process, and 73 entitled, developed and under
development projects in seven states and eleven markets
encompassing over 16,000 acres, comprised of almost 27,000
residential lots and over 2,400 commercial acres. The mineral
resources segment manages approximately 594,000 net acres of oil
and gas mineral interests located principally in Texas, Louisiana,
Alabama, and Georgia. Also included in the mineral resources
segment is a 45% nonparticipating royalty interest in groundwater
produced or withdrawn for commercial purposes from approximately
1.4 million acres in Texas, Louisiana, Georgia and Alabama and
about 17,800 acres of groundwater leases in central Texas. The
fiber resources segment includes the sale of wood fiber and
management of our recreational leases. Forestar's address on
the World Wide Web is www.forestargroup.com.
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