Westside, Crusader Energy merge

DALLAS, Jan. 2 (UPI) -- Dallas-based Westside Energy announced it has merged with Crusader Energy Group.

Westside signed a deal to combine with privately held Crusader Energy Group of Oklahoma City.

The combination is expected to create a growth-oriented oil and gas company with a large unconventional resource base. Both companies hope to develop their combined proved undeveloped and probable reserve base.

Combined, the two have an expected total proved reserve base of more than 150 billion cubic feet of natural gas with an estimated reserve life of nearly 16 years on about 765,000 gross acres. Ninety-two percent of the gross acreage is undeveloped. The combined company's assets are located primarily in the Fort Worth Basin Barnett Shale, Delaware and Val Verde Basins in West Texas, Oklahoma's Anadarko Basin and Central Uplift, and the Bakken Shale of the Williston Basin.

A strong balance sheet is expected to allow for funding of capital expenditures. The 2008 capital expenditure budget is estimated to be more than $180 million.

The company expects the deal to be completed during the second quarter of 2008.