Dana Petroleum Plc, London, (London: DNX) has entered a new three-year US$400-million revolving credit facility provided by Bank of Scotland to fund its acquisition of Bow Valley Energy Ltd. and general corporate purposes.
Bank of Scotland energy director Andrew Wright says, “Bank of Scotland is delighted to continue working with Dana and to support it's acquisition of Bow Valley. With the strong track record of Dana and Bank of Scotland in the North Sea we are sure this acquisition, of a complementary business, will be successful for Dana and further strengthen the Bank’s long and successful relationship with Tom Cross and his highly experienced management team.”
Dana Petroleum has oil and gas properties primarily in the U.K. North Sea and Egypt.
Recommended Reading
Matador Stock Offering to Pay for New Permian A&D—Analyst
2024-03-26 - Matador Resources is offering more than 5 million shares of stock for proceeds of $347 million to pay for newly disclosed transactions in Texas and New Mexico.
CEO: Coterra ‘Deeply Curious’ on M&A Amid E&P Consolidation Wave
2024-02-26 - Coterra Energy has yet to get in on the large-scale M&A wave sweeping across the Lower 48—but CEO Tom Jorden said Coterra is keeping an eye on acquisition opportunities.
CEO: Magnolia Hunting Giddings Bolt-ons that ‘Pack a Punch’ in ‘24
2024-02-16 - Magnolia Oil & Gas plans to boost production volumes in the single digits this year, with the majority of the growth coming from the Giddings Field.
Endeavor Integration Brings Capital Efficiency, Durability to Diamondback
2024-02-22 - The combined Diamondback-Endeavor deal is expected to realize $3 billion in synergies and have 12 years of sub-$40/bbl breakeven inventory.
Patterson-UTI Braces for Activity ‘Pause’ After E&P Consolidations
2024-02-19 - Patterson-UTI saw net income rebound from 2022 and CEO Andy Hendricks says the company is well positioned following a wave of E&P consolidations that may slow activity.