Crosstex Energy To Pay $210M For Gas, Oil Co. Clearfield

Law360, New York (May 8, 2012, 1:08 PM EDT) -- Two Crosstex Energy companies have agreed to pay $210 million for major midstream gas and crude oil operation Clearfield Energy Inc., Crosstex said Tuesday, in a bid to expand infrastructure and snag a sought-after spot in the burgeoning Utica Shale.

In the cash sale, Crosstex would overtake Clearfield's sizable shares of oil operations in Ohio, where it accounts for 30 percent of total production, and West Virginia, where it claims a 55 percent production share, according to Crosstex. It would also gain a foothold in Kentucky....
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