Prax, an oil refining, storage, distribution and sales conglomerate dealing in crude oil, petroleum products and bio-fuels, agreed to acquire Hurricane Energy, an oil exploration and production company, for $300m. "I am pleased by the outcome of what has been a thorough and exhaustive formal sale process. The Hurricane Board believes that the Acquisition will deliver more cash than Hurricane Shareholders are likely to have received from Hurricane's Lancaster oil field, on a much expedited timeframe, as well as mitigating the risks associated with production from a single well development. In addition, the Deferred Consideration Units offer the opportunity to share in future production out-performance or higher oil prices, as well as revenue from future acquisitions by Hurricane. Accordingly, the Board of Hurricane is pleased to recommend the Acquisition to Shareholders." Philip Wolfe, Hurricane Chairman.