Tammany Expands Offshore Presence with Cieco Acquisition
Tammany announced that, effective July 1, 2011, Tammany is the owner of CIECO Energy Ventures, LLC (CEV) as a result of its acquisition of 100% of the membership interest of CEV and is in the process of filing with the BOEMRE necessary documentation to reflect that CEV's name has been changed to "Tammany Energy Ventures LLC" (TEV). CEV was 100% owned by CIECO Energy (US) Limited (CIECO). The purchase included interests in 12 non-operated oil and gas fields in the Gulf of Mexico. The transaction closed August 12, 2011. The purchase price was not disclosed.
Erich Kraus, President of Tammany, said, "This acquisition further diversifies our current holdings and expands our offshore presence. We expect to continue our contrarian approach of acquiring and developing oil and gas properties in the Gulf of Mexico Shelf and Gulf Coast areas. In addition to proven reserves, these properties hold numerous upside opportunities."