Barnett Petrosearch LLC, a subsidiary of Petrosearch Energy Corp., Houston, (OTCBB: PTSG) plans to sell its 5.54455% limited partnership interest in DDjet Ltd. LLP with Barnett shale holdings in Texas to one of the partners, Cinco County Barnett Shale LLC, for $36 million in cash.
DDjet assets include leasehold acreage, existing wells, equipment, pipelines and rights of way in the Barnett shale region of the Fort Worth Basin. DDjet is a partnership of ExxonMobil Corp., Irving, Texas, (NYSE: XOM) and Harding Co., Dallas, formed in December 2006 to develop gas in the Barnett. DDjet is an acronym for the five focal counties: Dallas, Denton, Johnson, Ellis and Tarrant.
Cinco currently owns a 14.45546% limited partnership interest in DDjet with the general partner holding 80%. The DDjet partners had previously received a third-party offer to purchase all partnership interests.
Closing is expected by July 18. The general partner holds a preferential purchase right to match the terms.
Petrosearch invested $14.9 million in DDjet, resulting in a 242% return in less than 18 months. The company will focus on its Quinduno waterflood project in Roberts County in the Texas Panhandle.
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