Edge Petroleum Corp. has garnered a reputation for being aggressively acquisitive over the last couple of years. Now, the Houston-based oil and gas company could go from hunter to hunted as it announced Wednesday it hired Merrill Lynch & Co. to explore its options, including a possible sale.
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The company says it wants to increase shareholder value. Edge has been acquiring natural gas properties in Texas at a fluid pace. In December 2006, it acquired Anadarko Petroleum Corp.'s oil and gas properties in the Chapman Ranch Field in Nueces County, Texas, for $26 million. Edge also purchased natural gas properties in the same region from three different sellers, including Pearl Energy Partners Ltd., for $62.8 million in 2005. In October 2004, Edge bought oil and natural gas properties from crosstown rival Contango Oil & Gas Co. for $50 million in cash. — Gerald Magpily
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