Northstar Offshore Group Boosts Equity, Borrowing Capacity, GOM Assets
HOUSTON, Jan. 15, 2013 /PRNewswire/ -- Northstar Offshore Group, LLC ("NOG") – a portfolio company of Natural Gas Partners ("NGP") – today announced it has significantly increased both its equity as well as its borrowing capacity, while adding additional drilling interests stemming from recent acquisitions. Northstar is preparing for an aggressive development program in 2013 and the first half of 2014.
First, NOG nearly doubled its funded equity to $205 million, as NGP upsized its equity from $80 million to $180 million and management increased to $25 million. NOG also entered into a $250 million senior secured revolving credit facility. Wells Fargo will serve as the administrative agent with Capital One Bank and Comerica also participating.
Finally, NOG has added to their two previous 2012 purchases from a group of private sellers by acquiring additional interests in the two packages for $5.5 million.
"Northstar is positioned to create significant growth through our near-term drilling program. Our acquisition successes in 2012 have created an outstanding inventory of exploration and development, and we plan to take full advantage of these opportunities."
Today's announcements bring NOG's asset base to a total of:
- 32 blocks
- 11 producing fields, of which 7 are operated
- 40 producing wells
- 6.0 Million BOE (barrel of oil equivalent) in proved reserves
- Daily production of 2,100 BOE
ABOUT NATURAL GAS PARTNERS
Natural Gas Partners ("NGP") 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. 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: http://www.nstaroffshore.com
S. Glynn Roberts
President, Northstar Offshore Group, LLC
SOURCE Northstar Offshore Group, LLC