The deal, revealed Tuesday, is worth an estimated $445 million and will increase Hess Corporation's acreage in the Bakken oil play by approximately 85,000 net acres.
According to Hess, the holders of 20.5 percent of common stock in American Oil and Gas voted to move forward with the deal. As part of the deal, Hess would be providing American Oil and Gas with a $30 million working capital credit facility. This would allow them to continue financing exploration and production activities until the deal is completed.
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