Output Exploration Acquires White Oak Energy
|Thursday, April 22, 2004
Output Exploration has acquired White Oak Energy, a Gulf Coast oil and gas company with proved reserves located primarily onshore along the Texas Gulf Coast.
"We are very pleased to have acquired such a high quality, concentrated asset base in one of our core operating regions," said Robert A. Brook, Output Exploration's president and CEO. "The White Oak properties will more than double our reserve base to 68 Bcfe of proved reserves, of which 74% are natural gas."
OPEX paid $67.5 million for White Oak Energy, LLC, and simultaneously sold $15.15 million of White Oak's Louisiana properties. OPEX funded the acquisition through the issuance of new securities to a group of current and new private investors. Additionally, OPEX increased both its existing senior revolving credit facility from Wells Fargo Bank, National Association; and existing subordinated credit facility from Wells Fargo Energy Capital.