The transaction encompasses a total of 50,000 net acres and proven reserves of 45 billion cubic feet of natural gas equivalent.
As part of its ongoing growth strategy, the company announced that it remains on-track to invest a total of $200 million in capital expenditure during 2008, growing to over $350 million for 2009, excluding acquisitions.
Randy Foutch, chairman and CEO of Laredo Petroleum, said: We have experienced significant success with our drilling activities during our short history. The completion of our acquisition of the Verden properties, combined with our existing core areas in the Texas Panhandle and Permian basin, should further accelerate our growth.
