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Diversified Gas & Oil sees significant increase in production through latest acquisitions

Rusty Hutson, chief executive of Diversified Gas & Oil plc (LON:DGOC), tells Proactive they'll triple their gas production through the acquisition of two producing assets in the Appalachian Basin, US, at a cost of US$180mln.

Alliance Petroleum Corporation will be bought outright for US$95mln while DGO is also buying the Appalachian assets of a NYSE-listed, but unnamed, company for US$85mln.

Both are cash deals and will be funded fully by a share issue at 80p per share.

 

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