Energy Partners Ltd., New Orleans, (NYSE: EPL) has closed the acquisition of properties in south Louisiana from Castex Energy 1995 LP and Castex Energy Inc. for $146 million in cash The transaction includes a two-year exploration partnership covering more than 1 million acres; an inventory of 22 drillable prospects with a net unrisked potential of 29.5 billion cubic feet of gas equivalent; proved reserves of 54.2 billion equivalent (86% gas); and probable reserves of 9.1 billion equivalent. The company has allocated $120 million of the purchase price to the proved reserves and the remaining $30 million to the upside, including the probable reserves and the prospect inventory. The acquisition consists of nine fields, four of which are currently producing a total of approximately 16.9 million cubic feet equivalent per day.
Recommended Reading
Sunoco’s $7B Acquisition of NuStar Evades Further FTC Scrutiny
2024-04-09 - The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for Sunoco’s pending acquisition of NuStar Energy has expired, bringing the deal one step closer to completion.
TotalEnergies to Invest $400MM in LPG
2024-05-14 - TotalEnergies is investing more than $400 million into LPG to provide more than 100 million people in Africa and Asia access to clean cooking methods by 2030.
Petrobras CEO Prates to Step Down
2024-05-15 - Brazil’s President Luiz Inácio Lula da Silva has requested that Petrobras CEO Jean Paul Prates resign following a dispute over dividend payments.
EQT Declares Quarterly Dividend
2024-04-18 - EQT Corp.’s dividend is payable June 1 to shareholders of record by May 8.
Matador Resources Announces Quarterly Cash Dividend
2024-04-18 - Matador Resources’ dividend is payable on June 7 to shareholders of record by May 17.