Samson sells Northwest Louisiana and East Texas assets to Rockcliff Energy
Samson Resources II said Tuesday it has reached an agreement to sell assets in east Texas and Louisiana for $525 million to Rockcliff Energy II LLC.
A news release said the proceeds will be used to pay down debt and finance capital projects.
“We are very pleased with the outcome of a robust marketing process for our East Texas and North Louisiana assets," said Joseph A. Mills, President and Chief Executive Officer of Samson in a statement.
"Rockcliff Energy is a top tier oil and gas operator with a long successful history in the East Texas basin and the purchase price is reflective of the quality of the Samson assets in this area. I also want to thank the Samson employees for all their hard work and dedication during this process to obtain a very positive outcome for the Company.”
https://www.bizjournals.com/houston/news/2017/08/02/houston-energy-...
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Permalink Reply by Skip Peel - Mineral Consultant on -
Rockcliff Energy Purchases Additional Haynesville Shale Rights in East Texas
08/14/2017HOUSTON, TX--(Marketwired - Aug 14, 2017) - Rockcliff Energy announced today that in addition to its pending acquisition of Samson's East Texas and North Louisiana properties it has acquired approximately 60,000 net acres of Haynesville Shale rights; the seller's name and terms of the transaction were not disclosed. The properties, which are substantially all held by production, are located primarily in Harrison and Panola Counties, Texas.
"Combined with our previously announced Samson acquisition, Rockcliff will have assembled a large, strategic position of approximately 180,000 net acres in the Haynesville Shale play. We intend to apply the latest technology alongside our team's deep Haynesville experience to successfully develop this premier acreage position. And in addition to the acreage's favorable technical merits, we have the added commercial benefit of being located in close proximity to major natural gas markets," said Alan Smith, Rockcliff's President and CEO.
Rockcliff Energy LLC is a well-capitalized, privately-held oil and gas company headquartered in Houston, Texas. The Company is focused on the acquisition, development and exploitation of unconventional and conventional assets and is currently active in the ArkLaTex region, the Delaware Basin and the San Andres horizontal play. In addition to management's investment and ownership, the company's outside investor group is led by Quantum Energy Partners, a leading private equity firm focused on the oil and gas industry. The investor group also includes numerous highly-regarded institutions, foundations and endowments, who invest directly alongside management. For more information visit the Company's website at www.rockcliffenergy.com.
http://www.power-eng.com/marketwired/2017/08/14/rockcliff-energy-pu...
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Permalink Reply by Skip Peel - Mineral Consultant on
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You're welcome.
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Permalink Reply by Skip Peel - Mineral Consultant on
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I was about that much older than my classmates when I took my computer classes twenty years ago. Best investment I ever made. When you are in a beginners class, everyone is a beginner regardless of their age. It was no big deal.
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