Templar Energy and Le Norman Fund I Announce the Acquisition of Forest Oil Texas Panhandle Assets
OKLAHOMA CITY, Oct. 4, 2013 /PRNewswire/ -- Templar Energy LLC and its wholly owned operating subsidiary, Le Norman Operating LLC, (the "Company") and its joint venture partner Le Norman Fund I LLC, today entered into a definitive agreement to buy oil and gas assets in the Texas Panhandle Region from Forest Oil Corporation for $1.0 billion (subject to customary purchase price adjustments and certain closing conditions). The transaction is expected to close on or before November 25, 2013 with an effective date of October 1, 2013.
Upon completion of the transaction, the Company and Le Norman Fund I collectively are expected to produce in excess of 20,000 net BOEPD with an estimated proved reserve base of net 145 million BOE. The resource potential for the Company and Le Norman Fund I would exceed net 750 million BOE. All of the Company's reserves are focused in the greater Anadarko Basin located in northwest Oklahoma and the Texas panhandle.
David D. Le Norman, President and CEO, said, "We look forward to this addition to our asset base in our core operating area. With our experienced team of professionals, we will continue to apply our expertise in horizontal drilling and completion technology gained over our many years of operating in the region. The Company has to date focused on the development of geologic targets containing significant oil and high liquid yielding natural gas, and will continue to do so across its expanded, opportunity-rich property set. The Company's equity providers, First Reserve, Trilantic Capital Partners, Cohesive Capital and the management team, coupled with a strong commercial banking team, will enable us to significantly enhance value through the active development of our resources, as well as through strategically increasing our inventory."
Barclays Capital Inc. served as advisor to the Company with respect to the transaction. Templar Energy LLC has obtained financing commitments from Citigroup Global Markets Inc. and its affiliates, B of A Merrill Lynch, Barclays Bank plc, Morgan Stanley Senior Funding, Inc. and Natixis, New York Branch in connection with the transaction. Le Norman Fund I LLC was funded or has obtained financing commitments from Le Norman Properties, LLC, David D. Le Norman, and Carlyle Energy Mezzanine Opportunities Fund, L.P.
4727 GAILLARDIA PARKWAY, SUITE 200
OKLAHOMA CITY, OK 73142
MAIN (405) 241-1838 / FAX (405) 241-1820
For Further Information Contact:
David D. Le Norman, President
SOURCE Templar Energy LLC