Northstar Offshore Energy Partners Sells Gulf Shelf Assets To Korean Buying Group

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
$201.0MM
Description

Bought GOM shelf assets, including 81 producing wells, 38 blocks, 18 producing fields, gaining 4,700 BO/d, 10.8 MMBO reserves.

HOUSTON -- Northstar Offshore Energy Partners LLC (NOEP), a portfolio company of Natural Gas Partners (NGP), on Dec. 29 announced it has sold substantially all of its asset holdings to ANKOR E&P HoldingsCorp., STX Energy E&P Offshore Management LLC and SCL Resources LLC for $201 million. The assets sold to the Korean buying group have a current output of 4,700 barrels per day, and reserves of 10.8 million barrels. The deal was effective Oct. 1, 2011.

Formed in July 2008, immediately following a sale of an earlier group of Gulf of Mexico assets, NOEP's interests encompassed 81 producing wells, 38, blocks, and 18 producing fields on the Gulf of Mexico shelf.

"Northstar not only met its goals with this asset sale, but also forged a lasting relationship with ANKOR and the Korean buying group for future joint activities. We look forward to the future in the Gulf of Mexico," said Northstar President S. Glynn Roberts. Roberts added that the announcement of a new Northstar entity would come early in 2012.

Founded in 1988, Natural Gas Partners (NGP) is a family of investment funds with aggregate committed capital of over $9 billion, organized to make direct equity investments in private energy enterprises.