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Gas Natural Inc Completes Acquisition of John D. Oil and Gas Marketing Company

Monday, 3 Jun 2013 04:05pm EDT 

Gas Natural Inc announced that it completed the acquisition for John D. Oil and Gas Marketing Company, LLC, (John D. Marketing) for $2.9 million, paid by the issuance of 256,926 shares of Gas Natural's common stock at a price of $11.19 per share. The purchase agreement provides for contingent earn out payments of additional common stock based on the achievement of certain financial milestones by John D. Marketing for a period of five years after the closing of the transaction. John D. Marketing is engaged in the acquisition and sale of approximately 1.3 billion cubic feet of natural gas annually to approximately 120 customers located primarily in Northeast Ohio. Gas Natural obtained shareholder approval of the transaction on March 1, 2013, and subsequently obtained the necessary regulatory and other approvals. Once integrated, Gas Natural plans to change the name of John D. Marketing to Gas Natural Resources. 

Company Quote

0.0050 +0.05%
11 Jul 2014