From today's Age:Sundance Australia, which entered the Eagle...

From today's Age:

Sundance Australia, which entered the Eagle Ford shale formation of Texas this year with the purchase of Texon Petroleum, said it will look to make further US oil and gas acquisitions.

Sundance is capable of making another deal the size of the Texon transaction, valued at about $100 million, and will consider adding acreage through drilling leases or purchases, Managing Director Eric McCrady said. The Denver-based company isn’t negotiating any acquisitions at present, he said.

Sundance, which also bought acres in Colorado in 2012, plans to invest about $225 million drilling wells in the US this year and expects spending to increase next year. The company is focusing on oil and gas basins in Texas, Colorado, Oklahoma and North Dakota.

“Something the size of Texon is a manageable acquisition for us, and it could even be slightly larger,” McCrady said. “The main focus right now is drilling up the assets we have today.”


Read more: http://www.theage.com.au/business/markets-live/markets-live-asx-mounts-comeback-20130617-2od06.html#ixzz2WRpwRkTu