Under the agreement, the acquisition of these assets was required to be completed on or before 29 July 2011.
High Plains Gas CEO Brent Cook said the company worked diligently to finalize closing terms acceptable to both parties but the parties could not come to an agreement.
"While we are disappointed not to close this particular transaction, our existing assets provide us with sizable production and reserves as well as organic growth potential through well reactivations," Cook said.
High Plains Gas is engaged in the acquisition, development and production of natural gas mainly in the Powder River Basin.
