NorthStar Sells Gulf Assets for $201M to Korean Group
by Northstar Offshore Energy Partners
Thursday, December 29, 2011
Northstar Offshore Energy Partners -– a portfolio company of Natural Gas Partners -– announced Thursday it has sold substantially all of its asset holdings to a Korean buying group for $201 million.
The assets sold to the Korean buying group -- which consists of ANKOR E&P Holdings, STX Energy E&P Offshore Management and SCL Resources -- have a current output of 4,700 barrels per day, and reserves of 10.8 million barrels.
The deal was effective October 1, 2011.
Formed in July of 2008, immediately following a sale of an earlier group of Gulf of Mexico assets, NOEP’s interests encompassed 81 producing wells, 38, blocks, and 18 producing fields on the Gulf of Mexico shelf.
“Northstar not only met its goals with this asset sale, but also forged a lasting relationship with ANKOR and the Korean buying group for future joint activities. We look forward to the future in the Gulf of Mexico,” said Northstar President, S. Glynn Roberts.
Roberts added that the announcement of a new Northstar entity would come some time early in 2012.
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