After multiple delays, Dallas-based Cubic Energy Inc. has obtained nonbinding commitments for up to $107 million of financing to fund the the previously announced acquisition of Gastar Exploration Texas LP‘s East Texas properties (see Shale Daily, April 23). The financing is also intended to fund drilling and working capital, potential additional acquisitions, as well as payment of existing debt. Gastar agreed to extend the closing date of the transaction until Sept. 20, and Cubic agreed to increase the price to be paid for the East Texas assets by $1 million, resulting in a final price of $47 million.

Denver-based Forest Oil Corp. has agreed with an undisclosed buyer to sell a portion of its largely undeveloped acreage position in the Permian Basin of West Texas for proceeds of about $35 million. The transaction includes 58,200 gross acres (52,350 net) in Crockett County, TX. The sale is expected to close by Tuesday (Sept. 10). Forest said it will use the proceeds to reduce credit facility borrowing. Forest will retain its Permian acreage position of 68,250 gross acres (63,500 net) in Pecos and Reeves counties, TX.

Siemens Energy will supply two power plant units with H-class gas turbines for Panda Power Funds‘ planned 829 MW natural gas-fueled, combined-cycle Liberty generating station in Bradford County, PA. The $400 million order includes a long-term maintenance and service contract, Siemens said. Dallas, TX-based Panda completed the acquisition and financing of the planned generating station from Moxie Energy last month (see Shale Daily, Aug. 23). Scheduled for completion in January 2016, the facility will be the first new power plant in Pennsylvania specifically developed to take advantage of its proximity to the Marcellus Shale. The gas turbines and generators will be fabricated at the Siemens plant in Charlotte, NC.