Privately-held Castleton Commodities International LLC has purchased Paradox Basin upstream and midstream assets in the four corners area of Utah and Colorado from Patara Oil & Gas LLC for an undisclosed amount.
The Paradox assets consist of 180 oil and gas wells, 150,000 net acres in mineral leases, a midstream gas processing facility and a 262-mile gas gathering system. As part of the acquisition, CCI is establishing a Denver office which will include taking on Patara’s veteran team of technical, operating, and management personnel. CCI will operate all of the Paradox Assets.
William C. Reed II, president and chief executive of CCI, said, “The Paradox Assets represent the first platform investment in a broader effort, led by Charles Chambers, to pursue attractive opportunities in the upstream natural gas sector.”
CCI (formerly Louis Dreyfus Highbridge Energy) is a global commodities merchant with an integrated set of operations consisting of the marketing and merchandising of commodities and the ownership, operations, and development of commodities-related upstream and infrastructure assets. The company markets a broad range of physical commodities including natural gas, natural gas liquids, refined products, crude oil, fuel oil, freight, petrochemicals, electric power and coal and financial instruments related to commodities. CCI is headquartered in Stamford, Connecticut, with offices in Houston, Texas; Calgary, Canada; Lausanne, Switzerland; Shanghai, China; Singapore; and Uruguay.
On Dec. 31, 2012, the company was purchased Glenn Dubin and a group of independent private investors. It was renamed Castleton Commodities International LLC. Patara Oil & Gas LLC is an upstream oil and gas company backed by Jefferies Capital Partners, Troika Resources Investment PEF, and GE Asset Management.