Freepoint Commodities Agrees to Purchase Pinedale Properties
Freepoint to acquire interests in sixty-six natural gas producing wells
DENVER, Dec. 13, 2012 /PRNewswire/ -- Freepoint Commodities LLC, through its subsidiary Freepoint Resources LLC, today announced that it signed an agreement to acquire sixty-six natural gas producing wells from a subsidiary of Bucking Horse Energy Inc. (TSX: BUC), an exploration and production company. The natural gas wells, located in the Pinedale field in Southwest Wyoming, are Freepoint Resources' first property acquisition in the oil and gas sector. The transaction is expected to close in the first quarter of 2013. Freepoint Resources is Freepoint Commodities' recently established platform for acquiring and operating natural gas producing properties.
"The strategy to purchase natural gas producing assets, and the development of Freepoint Resources as a natural gas producer has been an essential part of our growth plan and broadens our portfolio of commodity platforms," said David A. Messer, CEO of Freepoint Commodities LLC. "By joining our merchant activity with assets at different points of the commodity value chain, we are able to deliver attractive returns to our stakeholders."
Evercore Group L.L.C. acted as Freepoint's exclusive financial advisor in this transaction.
Fulbright & Jaworski L.L.P. acted as Freepoint's legal advisor on the acquisition of the Pinedale properties and Stroock & Stroock & Lavan LLP acted as Freepoint's legal advisor on the financing.
About Freepoint Commodities LLC and Freepoint Resources LLC
Freepoint Resources LLC is a subsidiary of Freepoint Commodities LLC, which was founded by former Sempra Energy Trading executives. Freepoint Commodities LLC is based in Stamford, CT and launched multiple platforms in the energy and metals markets starting in March 2011. Management and private equity funds managed by Stone Point Capital have provided the initial equity capital for Freepoint Commodities LLC and its subsidiaries, including Freepoint Resources LLC. Freepoint Resources LLC is based in Denver, CO with offices in California and support functions managed out of Stamford, CT.
SOURCE Freepoint Commodities LLC
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