Acquisitions & Divestitures

Modena Resources Ltd., Sydney, (Australia: MDA) has acquired privately held Blackgate Resources LLC, a company with assets in Texas, for $24 million in cash and stock.

Blackgate's primary asset is a priority secured and unsecured debt with Houston-based BNP Petroleum Corp., which is engaged in Chapter 11 proceedings. Modena says it will attempt to secure BNP's assets, located in south Texas and the Gulf of Mexico, after the acquisition closes.

Blackgate recently acquired shallow gas interests in the Sandy, Slazenger and Wagner prospects in Jackson County, Texas, and the Walkoviak ...