The properties are located approximately 20 miles south of Beaumont, Texas, and will be operated by Jefferson Block 24 Oil & Gas, LLC, a 100% owned subsidiary (Jefferson). Jefferson's partner in the acquisition is BlueRock Production, LLC of Houston, Texas. The purchase price was not disclosed; however, financing was provided to Tammany by NGP Capital Resources Company. Projected daily production gross production from the field is expected to be approximately 8,000 mcf per day and 400 barrels per day. The transaction closed March 21, 2007.
Erich Kraus, President of Tammany, said, "This acquisition will be an excellent fit for our management team, allowing us to expand and utilize our operations expertise to add value to these properties."
Tammany is an independent oil and natural gas company headquartered in Houston, Texas, focused on the acquisition and development of oil and gas properties located in the Gulf of Mexico and Gulf Coast areas.
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