Lime Rock Resources Acquires $100 Million WEHLU Field in Oklahoma6/16/2010
HOUSTON, June 16, 2010 — Lime Rock Resources, acquirers and operators of producing oil and gas properties in the United States, today announced that it has successfully closed the acquisition of oil and gas interests in the West Edmund Hunton Lime Unit (WEHLU) in Oklahoma County, Oklahoma for $100 million. The field was acquired from a publicly traded oil and gas company. The Lime Rock Resources team assumed operations of over 30 producing wells in May 2010 and is beginning the assessment of development drilling and operational improvement projects. The WEHLU acquisition represents the second major acquisition by the Lime Rock Resources team in Oklahoma in 2010, following the $107 million acquisition of the Potato Hills field in March of this year.
Eric Mullins, co-CEO of Lime Rock Resources, said, “We are happy to have had an opportunity to acquire WEHLU, which perfectly fits our strategy to acquire lower-risk producing oil and gas properties in our core areas of operations. We worked with the seller on a highly accelerated timetable and completed the deal at a fair price in open and efficient discussions, allowing us to acquire and operate the properties on behalf of our investors and for the seller to quickly redeploy the capital to other strategic goals.”
Charlie Adcock, co-CEO of Lime Rock Resources, added, “We hope that what continues to differentiate Lime Rock Resources as both a buyer and occasional seller of oil and gas properties is our straightforward approach to transactions. We are looking for mature properties for which our scale and intensive engineering and operations focus allow us to dedicate time, people, and resources other operators can better allocate elsewhere. With this strategy, we look to work with sellers to make transactions undramatic occasions in which both sides can achieve their goals.”
Established in 1998, Lime Rock manages $3.9 billion of private capital for investment in the energy industry through Lime Rock Resources, acquirers and operators of oil and gas properties, and Lime Rock Partners, investors of growth capital in energy companies worldwide. With over $850 million under management and an estimated acquisition capacity of $1.5 billion, Lime Rock Resources 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.Back to News