Tammany Buys GOM-Focused Cieco Energy Ventures From Itochu

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Description

Bought company with interests in 12 nonoperated oil & gas fields in GOM.

Privately held, Houston-based Tammany Oil & Gas LLC has acquired Cieco Energy Ventures LLC from a subsidiary of Itochu Group, Tokyo, (Tokyo: 8001) for an undisclosed price.

Tammany acquired 100% of the membership interest of Cieco Energy Ventures and is in the process of filing with the BOEMRE to reflect the name has been changed to Tammany Energy Ventures LLC. Cieco Energy Ventures was 100% owned by Itochu subsidiary Cieco Energy (US) Ltd.

The deal includes interests in 12 nonoperated oil and gas fields in the Gulf of Mexico.

Tammany president Erich Kraus says, “This acquisition further diversifies our current holdings and expands our offshore presence. We expect to continue our contrarian approach of acquiring and developing oil and gas properties in the Gulf of Mexico Shelf and Gulf Coast areas. In addition to proven reserves, these properties hold numerous upside opportunities.”