Laredo Petroleum Completes $185 Million Acquisition

Laredo Petroleum Inc.recently completed its acquisition of $185 million of strategic assets in the Verden area of south central Oklahoma from Linn Energy.
The transaction encompasses a total of 50,000 net acres and proven reserves of 45 billion cubic feet of natural gas equivalent in Grady County.
The privately-held oil and gas exploration and production company was formed in May 2007 by CEO Randy Foutch. Foutch in partnership with Warburg Pincus. Foutch previously founded Lariat Petroleum Inc. and Latigo Petroleum Inc.
Expanding from the drilling of its first operated well in June 2007, Laredo is running seven drilling rigs and has committed to five additional rigs, to continue its aggressive drilling program on its 225,000 gross acres position.
As part of its ongoing growth strategy, the company announced that it remains on-track to invest a total of $200 million in capital expenditures during 2008, growing to over $350 million for 2009, excluding acquisitions.
Laredo was formed to pursue the acquisition, exploration and development of oil and gas properties in the Mid-Continent.

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