Emerald to Acquire New Frontier Energy’s Green River Basin Assets

Emerald Oil and Gas will acquire New Frontier Energy’s 45% interest in the Green River Basin joint venture in the US under a new Memorandum of Understanding (MoU).

Emerald will pay New Frontier $10m in cash and the equivalent of $5m in Emerald ordinary shares.

The Green River Basin joint venture includes 60,000 acres of highly prospective Niobrara shale formation and is operated by Entek Energy, which owns the remaining 55% interest in the project.

Emerald will also acquire partnership interests in a firm that owns and operates an 18 mile, 6in gas export pipeline with associated access rights to the Rocky Mountains natural gas pipeline grid.