Magnolia Petroleum Acquires Assets from Famcor Oil
Dallas-based Magnolia Petroleum Company, a partnership of Burnett Petroleum Company and private equity firm CIC Partners, has acquired all assets of Houston-based E&P (exploration and production) company Famcor Oil, Inc.
Magnolia was formed in 2012 to acquire Gulf Coast properties. With the deal, Magnolia will acquire 70 operated wells in San Jacinto, Liberty, Montgomery and Polk counties. Arcadia Operating, LLC, an independent company headquartered in Dallas, acquired minority interest and will oversee all operations.
Famcor’s assets “align well with [Magnolia Petroleum’s] existent scope of operations and holdings in the region and represent a step towards the significant growth that [they] hope to achieve in the following months,” Kyle Burnett, CEO and president of Magnolia Petroleum Company, stated in a release.
Burnett said Magnolia and Burnett have future plans to acquire more quality assets located in the U.S. Lower 48 and expand their operating footprints within their areas of focus.
Magnolia declined to disclose the monetary amount of the acquisition.