Houston Exploration to draw on revolver for acquisition financing

By Sara Rosenberg

New York, Oct. 27 - The Houston Exploration Co. plans on using borrowings under its recently expanded $450 million revolving credit facility to fund the acquisition of an estimated 88 Bcfe of proved reserves in South Texas from Kerr McGee Corp. for $163 million, according to a company news release.

The effective date of the acquisition is Oct. 1, and closing is scheduled for Nov. 30, subject to customary closing conditions.

Houston Exploration is a Houston-based natural gas and oil company.

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