Lime Rock Resources Closes Sale of WEHLU Field
11/21/2013Houston, November 21, 2013 — Lime Rock Resources, acquirers and operators of producing oil and gas properties in the United States, today announced the final close of the sale of the WEHLU field for $187.5 million. A fund managed by the Lime Rock Resources team acquired the field in April 2010. The WEHLU field consists of oil and gas properties in Oklahoma County, Oklahoma.
Eric Mullins, co-Chief Executive Officer of the Lime Rock Resources team, said, “We are gratified by the successful outcome of the WEHLU transaction. Over three and a half years, we nearly doubled production from the field and increased the profitability of that production through a series of value-increasing projects: horizontal infill drilling, midstream optimization, stabilizing the decline from existing wells, and establishing future drill sites. We believe the field will continue to serve the buyer well in the future.”
Charlie Adcock, co-Chief Executive Officer of the Lime Rock Resource team, added, “The WEHLU field was originally developed in the 1940s. It has nonetheless continued to provide profitable opportunities over the decades for many owners who, like us, apply the latest technology, know-how, and technical skill to the remaining opportunities in the field. We continue to seek similar acquisitions throughout the United States and opportunities to apply our techniques to increase reserves, production, and margins—even in mature fields.”
About Lime Rock Resources
Through three private Lime Rock Resources funds and LRR Energy, the Lime Rock Resources team acquires, operates, and improves producing oil and gas properties in the United States. Based in Houston, the Lime Rock Resources team is acquiring a diverse group of producing oil and gas properties with the goal of providing its investors withattractive long-term returns. Since 1998, Lime Rock has managed nine funds with total investor commitments of $5.4 billion through both Lime Rock Resources and Lime Rock Partners, investors of growth capital in energy companies worldwide. For more information, please visit www.limerockresources.com.
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