Edge Petroleum Corp. (Nasdaq:
EPEX) is up 16% today after announcing
Chaparral Energy Inc. would purchase the company in an all-stock transaction. Chaparral will become a publicly traded company after the merger is finalized. Houston-based Edge and Oklahoma City-based Chaparral are both oil and natural gas producing companies. Under the terms of the deal, Chaparral stockholders would own 86% of the combined company and Edge stockholders would make up the remaining 14%.
In today’s trading, Edge Petroleum is at $5.43 at 10:46 a.m. ET, up $0.74 from Monday’s close. During the past year, the company’s shares have ranged from $3.75 to $15.20.
For detailed price information and recent news stories about Edge Petroleum Corp., click EPEX.
