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Rooster Energy Ltd to Acquire Cochon Properties, LLC, and Morrison Well Services, LLC


Wednesday, 14 May 2014 07:30pm EDT 

Rooster Energy Ltd:Says that it had entered into a membership interest contribution agreement dated March 7, 2014 with the members of Cochon Properties, LLC to acquire 100 pct. of the membership interests in Cochon.Membership interest contribution agreement dated March 7 with Morrison Energy Group, LLC, to acquire 100 pct. of the membership interest in Morrison Well Services, LLC.The Transaction contemplates the purchase of Well Services for $95 million and Cochon for $30 million, for aggregate consideration of $125 million.The purchase price will be comprised of $115 million in common shares of Rooster, of which $85 million will be in respect of Well Services and the remaining $30 million will be in respect of Cochon, and $10 million in cash.Upon closing of the Transaction, a total of 218,631,179 Rooster Common Shares will be issued to satisfy the Rooster Common Shares portion of the Purchase Price.Cochon members will receive a total of 57,034,221 Rooster Common Shares and MEG will receive 161,596,958 Rooster Common Shares. 

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