NEW YORK, Jan. 30, 2015 /PRNewswire/ -- Alleghany Capital Corporation ("ACC"), a wholly-owned subsidiary of Alleghany Corporation, today announced that its subsidiary Stranded Oil Resources Corporation ("SORC"), through one of its subsidiaries, has acquired the historic Teapot Dome Oilfield, known officially as Naval Petroleum Reserve Number 3 ("NPR-3"). NPR-3, which is located 35 miles north of Casper, Wyoming, was purchased for $45.2 million from The United States of America, acting by and through the Department of Energy.
"We are pleased to add NPR-3 to our portfolio, as the purchase is aligned with SORC's core strategy of acquiring and redeveloping mature oil fields," commented Mark See, President and Chief Executive Officer of SORC. "By targeting properties with known characteristics, we reduce the uncertainty and risk generally associated with oil exploration. NPR-3 was used for a variety of research and development projects while under the ownership of the U.S. government and the quantity and quality of the data on the field is impressive. We are excited about the opportunity to develop the field under commercial operations."
David Van Geyzel, President and Chief Executive Officer of ACC, stated, "Purchasing mature oil fields that fit its acquisition criteria is a key component of SORC's growth strategy during both industry up-cycles and industry down-cycles. We look forward to supporting SORC as it pursues the development of this unique, long-term asset."
About Alleghany Capital Corporation
Alleghany Capital Corporation manages, sources, executes and oversees certain investments and acquisitions for its parent company, Alleghany Corporation (NYSE: Y). Its recent investments include Bourn & Koch, Inc., a manufacturer and remanufacturer/retrofitter of precision machine tools and supplier of replacement parts; Jazwares, LLC, a licensed toy and consumer electronics company; ORX Exploration, Inc., a regional oil and gas exploration and production company; R.C. Tway Company, LLC, a manufacturer of custom trailers and truck bodies for the moving and storage industry and other markets; and Stranded Oil Resources Corporation, an exploration and production company focused on conventional and enhanced oil recovery. For additional information about Alleghany Capital Corporation, please visit www.alleghanycc.com.
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