The acquisition will include over 10,000 acres of New Albany Shale properties, four development wells, and approximately 7 billion cubic feet in proved reserves. Consideration is expected to be approximately $12.5 million paid primarily in restricted stock.
Mr McDevitt has over 40 years of experience in a variety of industries, including oil and gas exploration and production, real estate development and finance, equipment leasing and finance, investment banking and lending, computer software development, wholesale distribution of products, and television and radio production.
Aurora Oil & Gas has also appointed Barbara Lawson as CFO and Gilbert Smith as vice president of business development. As CFO, Ms Lawson offers over 26 years of experience in accounting, internal audit, project management, treasury, benefits administration, Sarbanes-Oxley compliance, and SEC reporting.
As vice president of business development, Mr Smith brings nearly 40 years of experience in the oil and gas industry. The predominant part of Mr Smith’s career was spent at Oryx Energy where he served in senior management in the company’s domestic and international businesses.