Peregrine Petroleum Moving Forward with Oil and Gas Exploration in Texas Permian Basin

DALLAS and HOUSTON, Aug. 12, 2013 /PRNewswire/ -- Texas-based Peregrine Petroleum is building on the company's oil and gas exploration and development activities in the West Texas Permian Basin following the company's 2012 acquisition of producing wells from Macquarie Americas Corp.

Only five years since being founded by a group of energy industry veterans from Hunt Petroleum Corp., Peregrine has become one of the country's leading private oil and gas companies. In March of last year, Peregrine acquired a non-operating interest in 111 wells and approximately 48,000 gross/9,600 net acres in the West Texas Permian Basin from Macquarie Americas in a deal valued at $111 million.

"Our work in the Permian Basin since the acquisition from Macquarie has produced significant value for investors," says Michael B. Wisenbaker Jr., president of Peregrine. "We're building on that success by pursuing additional oil and gas exploration and production in Texas and other regions throughout the country."

Peregrine's Permian Basin investment has helped the company continue to expand its pursuit of additional acquisitions and joint ventures in some of the country's top areas for oil and gas development.

In addition to the its current work in the Permian Basin, Peregrine also is conducting operations in the Bakken and Three Forks Shale in North Dakota's Williston Basin.

Peregrine currently maintains a non-operated position with Colorado-based Kodiak Oil and Gas Corp. in the Fort Berthold Indian Reservation in Dunn County, N.D. Kodiak and Peregrine completed their first horizontal well in the Bakken Shale in early 2009, and continue to drill and complete successful wells in Dunn County.

About Peregrine Petroleum

Founded in 2008, Peregrine Petroleum is one of the nation's leading private oil and gas exploration and development companies. With offices in Dallas and Houston, Peregrine maintains active operations in some of the nation's top oil and gas trends, including the Permian Basin in West Texas and the Bakken and Three Forks Shale in North Dakota's Williston Basin. Peregrine's continuing growth initiatives are focused on internal and external oil and gas exploration and development, joint ventures and acquisitions in the Permian Basin, Williston Basin, East Texas, Gulf Coast and Middle America regions. Learn more about the company at http://www.peregrinepetroleum.com.

For more information, please contact Bruce Vincent at 800-559-4534 or [email protected].

SOURCE Peregrine Petroleum