WHOA!
Equity Oil
"
PHILADELPHIA, Feb 2 (Reuters) - Whiting Petroleum Corp. (WLL) on Monday said it agreed to acquire Equity Oil Co. (EQTY) for $76.24 million, including assumed debt, in order to add to its oil and gas reserves.
Whiting, an oil and natural gas exploration company with operations in markets including the Gulf Coast, the Rocky Mountains and Michigan, said it would swap 0.185 share of Whiting for each share of Equity and assume $29 million of Equity debt.
Whiting said it expects the deal to boost its 2004 earnings, cash flows and reserves.
Equity said it mulled various strategic options and contacted 73 companies about their interest in the company. It said it received eight offers for the company or its assets. REUTERS"
So I'm gonna lose the equity and gain Whiting at a 1 -> 0.185 right?