| Eschelon portfolio company Milagro announced the completion of its $825 million acquisition of the Gulf Coast Division of PetroHawk(NYSE: “HK”). Properties purchased had proved reserves of 266 billion cubic feet of natural gas equivalent and over 100 million cubic feet of natural gas equivalent of daily production as of the effective date of the transaction. New shareholders Guggenheim, ACON, and West Coast will join the board of the company. The Milagro management team had sold a significant part of these properties to PetroHawk in 2005 when they sold their predecessor company Mission to PetroHawk. |
