Clayton Williams Energy, GE Energy Financial Services Acquire Acreage

Clayton Williams Energy, Inc. and GE Energy Financial Services announced late Monday that an affiliated partnership, West Coast Energy Properties, L.P., has acquired certain producing oil and gas assets in California and Texas for $58 million.

Clayton Williams Energy has attributed estimated proved reserves totaling 4.9 million barrels of oil and natural gas liquids and 3.7 Bcf of natural gas to the acquired properties. More than 60% of these estimated proved reserves are classified as proved developed producing reserves. Approximately 75% of the purchase price relates to properties in three fields in southern California, and the remaining 25% relates primarily to properties located in Mitchell County, Texas.

West Coast Energy Properties, L.P. is a Texas limited partnership consisting of a limited liability company owned by Clayton Williams Energy, as general partner, and an affiliate of GE Energy Financial Services, as the limited partner. Under the partnership agreement, the general partner contributed approximately $6.2 million to the partnership for an initial partnership interest of 5%, which interest can increase to 37.63% and ultimately to 49% upon the achievement of certain target rates of return.

Clayton Williams Energy financed its equity contribution to the general partner through borrowings on its existing revolving credit facility with JPMorgan and participating banks.

Clayton Williams Energy, Inc. is an independent energy company located in Midland, Texas.

Since 1991, GE Energy Financial Services' Oil & Gas unit has provided $2.2 billion in partnership equity and $300 million in senior secured debt for its independent private and public oil and gas partner-operators. The partnerships produce more than 140 million cubic feet of natural gas and 31,000 barrels of oil per day.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Project Controls Specialist
Expertise: Project Management
Location: Minneapolis
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: West Sacramento, CA
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: Denver, CO
search for more jobs

Brent Crude Oil : $50.79/BBL 1.30%
Light Crude Oil : $49.96/BBL 1.10%
Natural Gas : $2.77/MMBtu 2.12%
Updated in last 24 hours