Northstar Offshore Group Acquires Gulf Of Mexico Assets From Private Sellers For $160 Million
HOUSTON, Oct. 18, 2012 /PRNewswire/ -- Northstar Offshore Group, LLC ("NOG") – a portfolio company of Natural Gas Partners ("NGP") – today announced the completion of two shallow water acquisitions in the Gulf of Mexico from private sellers, for a combined total of $160 million.
On October 11, 2012, Northstar acquired the Creole field, located in West Cameron Blocks 2 and 3 in the shallow state waters of Louisiana. On October 16, 2012, Northstar acquired a group of shallow water properties located in the federal waters of the GOM's central region.
Northstar gains a combined 27 blocks, 14 producing fields (of which seven are operated), with a combined 7.4 million barrels of oil equivalent (BOE) net proved reserves and a net daily production of 2,100 BOE.
"We are pleased to aggregate an asset base with significant upside so quickly in our latest company. We operate the majority of the assets and intend active drilling campaigns. We have a credit facility in progress to provide financial flexibility for seismic, future drilling and additional acquisitions," said Northstar President, Glynn Roberts. "We have also substantially upsized our equity from $102.4 million to $205.2 million, with NGP committing an incremental $100 million tranche."
ABOUT NATURAL GAS PARTNERS
Natural Gas Partners is a family of private equity funds focused on the natural resources sector, which has managed over $10.5 billion in committed capital since its founding in 1988. NGP is part of the investment platform of NGP Energy Capital Management, a leading investment franchise in the natural resources industry, which together with its affiliates has managed over $13 billion in committed capital since 1988. For more information, visit NGP's website at www.naturalgaspartners.com.
ABOUT NORTHSTAR OFFSHORE GROUP
Northstar Offshore Group was created and capitalized in February of 2012, and is the third such company launched by the Northstar management team that reconstituted to lead the new venture. Northstar's first company was formed as Northstar GOM in 2006 and sold in 2008 for $265 million. The group then started Northstar Offshore Energy Partners, which it sold to a Korean consortium last December for $201 million. To date, the group's operations have encompassed a total of 124 blocks, 65 producing fields, 19 operated fields, and 245 producing wells. Focusing on shallow-water assets on the Gulf of Mexico shelf, Northstar's participates in acquisitions, production enhancement, workovers, and lower-risk exploration alliances. For more information, please go to: http://www.nstaroffshore.com
SOURCE Northstar Offshore Group, LLC