Western Gas Buys Methane

Western Gas Resources ( WGR) completed the acquisition of certain coal bed methane (''CBM'') properties and related gathering assets in the Big George fairway of the Powder River Basin of Wyoming for about $136.7 million before adjustments.

The Denver-based company said that the acquisition was funded from the company's revolving credit facility and it expects to give formal notice of the acquisition within the next two business days.

The company's partner in the Powder River Basin coal bed methane play has the option to participate in the acquisition for a 50% interest, exercisable 30 days after the company gives formal notice of the acquisition.

This story was created through a joint venture between TheStreet.com and IRIS.

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