Today's news brings another example of Tenneco Oil alumni who have made their mark in the industry. Tenneco and Cornell University alum's Gary Christenson (Chairman & CEO) and Tom Setzer (VP-Business Development) are two of the founders of Black Gold Energy LLC (BGE), a privately held operating company founded in Sugar Land, Texas in 2006. BGE has been active in Indonesia since its formation. BGE subsidiaries conducted 10 joint studies with the Indonesian Directorate General of Oil and Gas (MIGAS) in frontier basins from offshore West Sumatra to offshore West Papua. In 2008 and the first half of 2009, BGE was awarded a participating interest in eight production sharing contracts (PSCs) which were generated from the original joint study areas. In September 2009, BGE was awarded an additional three PSCs, for a total of 11 Indonesian blocks in which the company participates. Today, Calgary-based Niko Resources Ltd. announced that it is acquiring Black Gold, its partner in all of Niko's properties offshore Indonesia, for $310 million. Once the transaction is complete, Niko will have one of the largest holdings of deepwater exploration prospects off Indonesia, with interests in 12.1 million net acres. Niko plans to pay for the deal with convertible debentures, which will be held by Maju Investments, a subsidiary of Singapore-based Temasek Holdings. "Formula for success: rise early, work hard, strike oil." - J. Paul Getty Best of luck, guys. - Mo
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