Rockford Panhandle Acquires JM Huber's Texas Panhandle Assets

Rockford Panhandle, LLC has acquired, through private negotiation, all of the oil and gas assets of the J. M. Huber Corporation in the Texas Panhandle. The acquired properties hold 13 Bcfe of net proved reserves and currently generate approximately 1.7 MMcfepd of net daily production. Identified upside in the properties includes behind pipe recompletions and additional drilling across the 22,831 gross / 9,508 net acres. Activity in the field will increase significantly over the coming quarters utilizing the company's 60 squares of 3D seismic.

Panhandle vice president of geology, Jean Antonides, said, "The integration of existing 3D seismic along with current well data on these assets will enable Panhandle to drill 6 to 10 wells in 2007. The properties contain low risk development locations along with some reentry prospects. The properties have been held by production for a number of years with little activity and are positioned on trend with some recent large discoveries."

Panhandle was founded with an equity commitment from Quantum Energy Partners, its affiliates, and the management team, which is led by Charles "Chuck" H. Perrin, President and CEO. The company's focus is to grow its reserve base through acquisitions and exploitation drilling of medium to long lived reserves primarily in the Mid-Continent region. Panhandle's preference is to purchase operated assets whereby the company can apply its technical capabilities to enhance production. Panhandle's office is located at 2800 First Place Tower, 15 East Fifth Street, Tulsa, Oklahoma 74103.

Quantum Energy Partners is a Houston-based private equity firm specializing in the energy industry with more than $2.5 billion of capital under management.


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