Add-on Acquisition • Oil/Gas Exploration

Forestar Group Acquires Credo Petroleum

On June 4, 2012, Forestar Group acquired oil/gas exploration company Credo Petroleum for 146M USD

Acquisition Context

This is Forestar Group’s 1st transaction in the Oil/Gas Exploration sector.
This is Forestar Group’s largest (disclosed) transaction.
This is Forestar Group’s 1st transaction in the United States.
This is Forestar Group’s 1st transaction in Colorado.

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M&A Deal Summary
Date	June 4, 2012
Target	Credo Petroleum
Sector	Oil/Gas Exploration
Buyer(s)	Forestar Group
Deal Type	Add-on Acquisition
Deal Value	146M USD

Target Company

Credo Petroleum

Denver, Colorado, United States

Credo is an independent oil and gas exploration, development and production company based in Denver, Colorado. Credo owns leasehold interests in approximately 125,000 net mineral acres and has operations in the Bakken and Three Forks formations of North Dakota, the Lansing – Kansas City formation in Kansas and Nebraska, and the Tonkawa and Cleveland formations in the Texas Panhandle. Credo owns working interests in approximately 340 producing wells and overriding royalty interests in about 1,200 wells and acts as operator for approximately 108 of the working interest wells.

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Buyer Overview 1

Buyer

Forestar Group

Arlington, Texas, United States

Category	Company
Founded	1954
Sector	Real Estate
Employees	440
Revenue	1.5B USD (2024)

DESCRIPTION

Forestar Group is a residential and mixed-use development company. The Company owns directly or through ventures interest in 55 residential and mixed-use projects comprised of approximately 7,000 acres of real estate located in 11 states and 15 markets. Forestar also owns about 590,000 net acres of oil and gas fee minerals, principally in Texas, Louisiana, Alabama and Georgia. Forestar Group was founded in 1954 and is based in Arlington, Texas.

Deal Context for Buyer	#
Overall	1 of 1
Sector: Oil/Gas Exploration	1 of 1
Type: Add-on Acquisition	1 of 1
State: Colorado	1 of 1
Country: United States	1 of 1
Year: 2012	1 of 1
Size (of disclosed)	1 of 1

Explore Related M&A Activity

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