Layline Acquires Brookshire Field Producing Properties in TX
Layline Petroleum I, LLC ("Layline") is pleased to announce the acquisition of certain producing leasehold interests in the Brookshire Field – Waller County, Texas from RTC Resources, L.P. and Gen-Nan Resources and Equipment, L.P. The negotiated transaction was assisted by Lone Star Natural Resources, LLC.
Effective December 1st 2007, Layline acquired entirely operated properties with high working interest levels and production of approximately 230 BOEPD net. The transaction was funded by an expansion of Layline's Senior Debt facility with CIT Energy to $47.5 million and with the support of existing shareholders.
Commenting on Layline's acquisition, Chris Lewis, President, said, "This second acquisition by Layline expands our portfolio of mostly operated shallow oil production to 500 BOEPD net, ahead of the results of our recent development drilling activity. These assets nicely fit our strategy to acquire and improve mature producing oil fields. CIT Energy provided a competitive debt offering and Macquarie Bank Limited enabled the expansion of a hedging facility, both of which led to the closing of the transaction."