“This transaction and the ability to operate enhances our ability to report additional reserve categories on existing mineral acreage, and provides additional transparency and disclosure related to their long-term potential value. This acquisition establishes a meaningful oil and gas platform and a strong oil and gas team that is well positioned to deliver shareholder value for years to come.”
CREDO Petroleum Corporation
Credo is an independent oil and gas exploration, development and production company based in Denver, Colorado. Credo owns leasehold interests in approximately 125,000 net mineral acres and has operations in the Bakken and Three Forks formations of North Dakota, the Lansing – Kansas City formation in Kansas and Nebraska, and the Tonkawa and Cleveland formations in the Texas Panhandle. Credo owns working interests in approximately 340 producing wells and overriding royalty interests in about 1,200 wells and acts as operator for approximately 108 of the working interest wells.
Combination SummaryFollowing the acquisition of Credo, the scale of Forestar’s oil and gas business will increase considerably, including the following key operating highlights:
|($ in millions)||YE 2011 Metrics||Forestar||Credo||Combined|
|Proven Reserves||Reserves (MMBOE)||3.0||4.1||7.1|
|PV-10 Proven Reserves||$81||$62||$143|
|Future Net Cash Flow||$134||$116||$250|
|Mineral Interests *||Mineral & Leasehold Acres||594,000||125,000||719,000|
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