HOUSTON, Feb. 2, 2018 /PRNewswire/ -- Northstar Offshore Ventures LLC (Northstar), a Houston, Texas based, wholly-owned subsidiary of Orinoco Natural Resources, LLC (Orinoco), is pleased to announce that it has acquired certain oil and gas assets from PetroQuest Energy Inc. on January 31, 2018. The Assets sold are all located on the Outer Continental Shelf of the Gulf of Mexico and consist of seven producing fields. In consideration of the asset sales the seller agreed to contribute $3.75 million in cash to satisfy future abandonment costs.
Northstar's President and CEO, David Dean, is quoted as saying, "We are excited about the cashflow and development opportunities that exist in these properties and it is part of the plan to expand the business through acquisitions."
Orinoco is a Roanoke, Virginia based natural resources firm owned by Tom and Ana Clarke. Tom and Ana Clarke have been very active acquiring coal and other mining assets as well as oil and gas and decommissioning assets in recent years. The Clarkes also control the Virginia Conservation Legacy Fund, Inc. a non-profit seeking sustainable approaches and public awareness about natural resource use. VCLF has conserved over 30,000 acres of land, including Virginia's Natural Bridge.
SOURCE Northstar Offshore Ventures LLC