2010-03-10-2010-01-29

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
$8.9MM
Description

EXPIRED: Plan to acquire 50% WI in Permian Basin assets in Eddy County, NM.

Privately held, Houston-based Alamo Resources LLC planned to acquire interests in oil and gas assets in Eddy County, New Mexico, from Doral Energy Corp., Midland, Texas, (OTCBB: DRLY) for up to $8.875 million. The letter of intent was allowed to expire.

The purchase price included a payment of $5.875 million due at closing and an additional $3 million in payments depending on success in meeting production goals.

Under the proposed agreement, Alamo was to purchase 50% of Doral's interests in the assets, which are in the Permian Basin. The two companies were to jointly develop the properties, with Doral remaining operator.

Closing was expected to take place by March 1.

C. K. Cooper & Co. was financial advisor to Doral Energy.