Tammany Oil & Gas LLC (Tammany) announced the acquisition of all the assets of Summit Gulf Venture, LLC (SGV). The purchase included eight non-operated oil and gas properties in the Gulf of Mexico. The purchase price was $10,000,000 effective January 1, 2008. Financing was provided to Tammany by NGP Capital Resources Company. The transaction closed April 30, 2008.
Erich Kraus, President of Tammany, said, "This quality acquisition will diversify our current holdings and expand our offshore presence. We will continue our expansion and search for quality projects to add to our reserve base. In addition to proven reserves, these properties hold numerous upside opportunities."
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