Northstar Starts Up New E&P Co
Northstar, a portfolio company of Natural Gas Partners (NGP), has created and capitalized a new company called Northstar Offshore Group, LLC, and, effective February 1, 2012, has entered into letters of intent to acquire producing assets in the Gulf of Mexico shelf and begin drilling. This is the third such company launched by the Northstar management team, which has reconstituted once again to lead the new venture.
Northstar's first company was formed as Northstar GOM in 2006 and sold in 2008 for $265 million. The group then started Northstar Offshore Energy Partners, which it sold to a Korean consortium last December for $201 million. To date, the group's operations have encompassed a total of 124 blocks, 65 producing fields, 19 operated fields, and 245 producing wells.
Focusing on shallow-water assets on the Gulf of Mexico shelf, Northstar's strategy will continue to participate in acquisitions, production enhancement, workovers, and lower-risk exploration alliances.