Lime Rock Acquires $244 Million in Oil and Gas Properties in 3 Regions
Lime Rock Resources, acquirers and operators of lower-risk oil and gas properties in the United States, has successfully closed three transactions with multiple sellers for properties in the Texas Gulf Coast, Permian Basin and Mid-Continent regions. In total, Lime Rock Resources acquired $244 million in properties in the three regions.
These transactions build on Lime Rock Resources' existing properties in the Permian Basin and Mid-Continent regions. The team is actively seeking to make additional acquisitions in those two core regions as well as in the Texas Gulf Coast region. It is also analyzing additional focus regions.
Lime Rock Resources acquired the three groups of oil and gas properties in separate transactions from three separate public or private sellers. The negotiations for one of the transactions began in January 2007, and all three transactions closed in December 2007. The Lime Rock Resources team is now the operator of the acquired operating areas.
Eric Mullins, Managing Director of Lime Rock Resources, noted, "While it is a just a coincidence that these three transactions closed at nearly the same time, their diversity testifies to our flexible, creative approach. None of the transactions was a straightforward process, and we are gratified that we were able to work with the sellers of all three properties to reach the best agreement for all involved. These somewhat non-standard transactions were particularly pleasing to complete in this difficult, competitive market."
Charles Adcock, Managing Director of Lime Rock Resources, added, "These properties complement our existing portfolio very well. They have a high percentage of producing reserves and have minimal or manageable lower-risk drilling and development opportunities. We are excited to begin pursuing the development opportunities to generate strong returns for our investors."
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