Gas Natural Closes $4.5 Mln Acquisition of Maine Leasehold

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Gas Natural Inc. ( EGAS ) has finalized its acquisition of a leasehold interest in a 189-mile pipeline corridor easement running from Searsport to Limestone, Maine, and various parcels of land.

EGAS paid a total consideration of $4.5 million, which was comprised of $2.25 million in cash and 210,951 shares of the company's common stock valued at a price of $10.67.

In April EGAS entered into an agreement with United States Power Fund, L.P. to place a bid at a public auction on certain assets owned by Loring BioEnergy, LLC that were being foreclosed upon by USPF. On June 4, 2012 the company attended the public foreclosure auction and was the successful bidder with a bid of $4.5 million.

EGAS closed the regular session down 0.5% at $9.89, trading in a 52-week range of $9.54 - $11.68. Shares have fallen 10% in the last 12 months.



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This article appears in: Investing , Commodities

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