Emerald Oil completes transaction with Koch Exploration

Emerald Oil Inc. (NYSE MKT: EOX) has closed its transaction with Koch Exploration Co. LLC for a total consideration of $17.4 million. Koch Exploration also reimbursed Emerald for its proportionate share of existing AFEs, bringing the total transaction size to $22.8 million.

Proceeds from the sale will be used to pay down a portion of the outstanding borrowings under Emerald’s revolving credit facility.

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