Lime Rock Resources Completes Four Permian Basin Acquisitions in 201212/30/2012
HOUSTON, December 30, 2012 — Lime Rock Resources, acquirers and operators of producing oil and gas properties in the United States, today announced that it has successfully closed on its fourth acquisition in the Permian Basin in 2012. The four acquisitions include two acquisitions for interests in the same set of properties in the Wolfberry Play in Midland County, Texas and two separate acquisitions for properties across Gaines and Andrews County, Texas and Lea, Chaves, and Roosevelt Counties, New Mexico. The acquisitions totaled $266 million, and all were acquired from private sellers.
Out of the nearly $1.4 billion in total acquisitions since its formation, nearly 50% of acquisitions have been in the Permian Basin. As of year-end 2012, the Lime Rock Resources funds and LRR Energy were producing approximately 8,300 barrels of oil equivalent per day from acquisitions in the Permian Basin.
Eric Mullins, co-CEO of Lime Rock Resources, said, “The four acquisitions we made in the Permian in 2012 represent a diverse group of properties—non-operated and operated interests, interests in conventional and tight oil fields—affirming our creativity and flexibility in acquiring producing fields. We are also proud of our ability to respond quickly to proprietary opportunities as well as work closely and transparently with intermediaries for properties that make sense given our scale and focus.” Charlie Adcock, co-CEO of Lime Rock Resources, added, “We are excited about adding to our growing production base in the Permian Basin. These four acquisitions can create economies of scale in our drilling and operational improvement projects. They also give us great technical and market insights into the opportunity set across New Mexico and West Texas that we can apply to our current and future property acquisitions.”
Through two 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 proved oil and gas properties to provide its investors with attractive long-term returns. Founded in 1998, Lime Rock manages nearly $5.0 billion of private capital for investments in the energy industry through Lime Rock Resources and Lime Rock Partners, investors of growth capital in energy companies worldwide. For more information, please visit www.limerockresources.com.Back to News