HOUSTON, Aug. 4, 2015 /PRNewswire/ -- White Marlin Oil and Gas Company, LLC ("White Marlin"), a Houston, Texas based privately held upstream oil and gas production company, announced today the closing of its acquisition of certain properties from Dune Energy, Inc., Dune Operating Company, and Dune Properties, Inc. (collectively "Dune") on July 27, 2015. The Dune assets were purchased in a sale pursuant to Section 363 of the United States Bankruptcy Code after Dune filed voluntary petitions for relief on March 8, 2015 under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Western District of Texas, Austin Division.
The closing of the asset sale followed the July 10, 2015 Bankruptcy Court Order approving the sale of certain Dune assets to White Marlin pursuant to the terms of the Purchase and Sale Agreement ("PSA") by and between Dune and White Marlin dated June 24, 2015. As described in the PSA, White Marlin purchased Dune's interests in the following 11 fields: Abbeville North, Bayou Couba, Chocolate Bayou, Comite, Lake Boeuf SW, Leeville, Los Mogotes, Malo Domingo, Manchester SW, Manchester W, and Toro Grande. Per the terms of the PSA, White Marlin paid $19 million for the assets. White Marlin estimates the assets were producing approximately 626 Boe/day net as of the July 1, 2015 effective date of the transaction.
Baker & McKenzie LLP represented White Marlin in the acquisition process.
Terry Clark, White Marlin's President and CEO commented, "The acquisition of these core producing properties from Dune Energy is another step forward in our plan to increase investor value and net income from our Texas and Louisiana Gulf Coast strategic asset focus. We will continue to grow White Marlin through acquisitions and drilling while positioning our Company to outpace its competitors."
About White Marlin Oil and Gas Company, LLC
White Marlin Oil and Gas Company, LLC is a wholly owned subsidiary of White Marlin Energy Partners LLC, a portfolio company of the private equity firm Parallel Resource Partners. The White Marlin Companies own and operate properties in Kansas, Louisiana, and Texas with a focus on environmentally sound onshore and offshore energy operations. Additional information about the Company is available at www.whitemarlinog.com.
SOURCE White Marlin Oil and Gas Company, LLC