As part of the acquisition, which is closed on 1 August 2011, Independence Oil will now be a subsidiary of Gas Natural.
Independence Oil delivers heating oil, liquid propane, and kerosene to nearly 4,500 customers from its offices in West Jefferson, North Carolina, and Independence, Virginia.
Gas Natural chairman and CEO Richard Osborne said the acquisition of small propane and oil firm provides the opportunity to strengthen the company’s presence in North Carolina, while extending its reach into Virginia, two markets with favorable competitive conditions.
"In time, we plan to look at the feasibility of converting our new North Carolina customers to natural gas given their proximity to our pipeline system," Osborne said.
