Lime Rock to Buy Oklahoma Assets from BP
Houston-based Lime Rock Resources will purchase oil and natural gas properties in Oklahoma from BP America Production Company, the company announced Tuesday.
Lime Rock, which acquires producing oil and gas properties in the United States, signed the definitive agreement to buy the properties in Cleveland and McClain Counties. The properties are located 50 miles east of Lime Rock’s Norge unit operations, which it acquired in 2014.
“As oil and gas companies continue to shift their capital and focus on fewer areas, they are seeking to divest an increasing amount of their non-core properties. We are excited to be a buyer from private companies, large independents, and majors,” Lime Rock co-CEO Eric Mullins said in a company statement.
Co-CEO Charlie Adcock added, “Over the last several years, we have combined our intensive, low-cost approach with the application of the latest in long-reach horizontal drilling and modern completion techniques. We are looking forward to applying these same processes that we are using in the Permian, Williston and in the nearby Norge field to these new assets.”
The companies did not disclose financial details surrounding the deal.
The transaction is Lime Rock’s eighth acquisition in Oklahoma and is expected to close in the third quarter.
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