Magnolia Petroleum Acquires Assets from Famcor Oil

Dallas-based Magnolia Petroleum Company, a partnership of Burnett Petroleum Company and private equity firm CIC Partners, has acquired all assets of Houston-based E&P (exploration and production) company Famcor Oil, Inc.

Magnolia was formed in 2012 to acquire Gulf Coast properties. With the deal, Magnolia will acquire 70 operated wells in San Jacinto, Liberty, Montgomery and Polk counties. Arcadia Operating, LLC, an independent company headquartered in Dallas, acquired minority interest and will oversee all operations.

Famcor’s assets “align well with [Magnolia Petroleum’s] existent scope of operations and holdings in the region and represent a step towards the significant growth that [they] hope to achieve in the following months,” Kyle Burnett, CEO and president of Magnolia Petroleum Company, stated in a release.

Burnett said Magnolia and Burnett have future plans to acquire more quality assets located in the U.S. Lower 48 and expand their operating footprints within their areas of focus.

Magnolia declined to disclose the monetary amount of the acquisition.

Valerie is an experienced writer and editor dedicated to providing useful and relevant career news about the oil and gas industry. Email Valerie at


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Our Privacy Pledge

More from this Author
Valerie Jones
Editor, Careers | Rigzone
 -  Former House Speaker Boehner: Trump 'S... (May 25)
 -  GE's Chief Technology Officer Says Sta... (May 24)
 -  After Merger, Refiner Delek to Lay Off... (May 22)
 -  InvestKL Continues Efforts to Attract ... (May 18)
 -  Moving the Oil, Gas Industry Forward i... (May 16)

Most Popular Articles

From the Career Center
Jobs that may interest you
AP Specialist
Expertise: Accounting
Location: Alpharetta, GA
Pricing Analyst - Amarillo, TX Job
Expertise: Accounting|Budget / Cost Control|Cost Engineer
Location: Amarillo, TX
Asset Analyst
Expertise: Accounting|Financial Analyst
Location: Houston, TX
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours