Nuevo

Gastar Exploration Ltd.said it is closing on the sale of its East Texas properties toCubic Energy Inc., a transaction that was delayed multiple times to accommodate the financing needs of Cubic (seeShale Daily,Sept. 25). Gastar said it expects to receive $39.2 million in proceeds in addition to the $4.7 million deposit previously paid by Cubic by Oct. 2. The deal was announced in April (seeShale Daily,April 23).

Samson Investment Co. of Tulsa, OK, completed its acquisitionfrom Nuevo Energy Co. of gas properties in East Texas. The totalpurchase price was $192 million. In addition to existingproduction, the properties contain more than 135 drillinglocations. The closing follows Samson Resources’ December closings,which included the acquisition of properties in six states fromDuer Wagner & Co. for $41 million and the acquisition ofcertain properties in the Homeglen-Rimbey and Westerose areas ofAlberta, Canada from Chevron Canada Resources for $9 million bySamson Canada Ltd.

NorAm Interstate Pipelines bought the intrastate Illini Pipelinefrom Houston-based Nuevo Energy Co. Illini Pipeline operates insouth central Illinois, serving customers in the East St. Louismetropolitan area. The line is about 70 miles long and has capacityup to 45,000 MMBtu/d. NorAm will continue to operate Illini as anintrastate system and expects to take over operation of the Illinisystem this summer.