DALLAS, July 21, 2016 /PRNewswire/ -- J-W Energy Company is pleased to announce the closing on July 1, 2016 of the sale of substantially all of the oil and gas assets owned by J-W Operating Company and substantially all of the midstream assets owned by J-W Midstream Company to affiliates of Aethon United LP. The assets included in the transaction are located mainly in the North Louisiana and North Texas areas and are comprised of approximately 95,000 net acres and 380 miles of associated gathering and processing infrastructure. The sale is an exit from the upstream and midstream business by J-W Energy Company, which will continue to own the largest privately-held compression fleet in the U.S. through its wholly-owned subsidiary, J-W Power Company. Over the past ten years, J-W Energy has exited from its drilling, valve manufacturing, gas measurement and wireline businesses as well, as part of a planned reallocation of company resources.
"This exit from the upstream and midstream businesses will allow J-W Energy Company to focus on our compression business, which has been less capital intensive than the upstream and midstream businesses. Despite this sale marking the end of J-W Energy's long and successful history in the upstream and midstream businesses, we are confident that the dedicated employees of J-W Operating and J-W Midstream will be instrumental in the future success of this endeavor," said David A. Miller, President of J-W Energy Company.
Wells Fargo Securities, LLC served as the exclusive financial advisor to J-W Energy on the transaction.
About J-W Energy Company J-W Energy Company (www.jwenergy.com) has been in the energy business since 1960 and currently owns the largest privately-owned compression fleet in the US with over 900,000 horsepower.