Lime Rock Resources Acquires $164 Million in Oil and Gas Properties in New Mexico
11/25/2008HOUSTON, November 25, 2008 — Lime Rock Resources, acquirers and operators of lower-risk oil and gas properties in the United States, today announced that it has successfully closed the acquisition of $164 million of working interests in oil and gas properties in New Mexico. The acquisition of the interests from an unnamed independent oil and gas producer represents the fourth Permian Basin acquisition by the Lime Rock Resources team since its inception and the third over the last year. The team is actively seeking to make additional acquisitions in the Permian Basin, the Texas Gulf Coast and Mid-Continent regions, and other basins in the United States.
Eric Mullins, Managing Director of Lime Rock Resources, noted, “We are pleased that we could add another leg to our growing operations in New Mexico in particular and the Permian Basin in general. We believe that as we become a larger operator in the region, we will not only be able to achieve more economies of scale but also become a buyer of choice for those looking to sell properties. We believe that with significant acquisition capacity, we will continue to acquire properties considered non-core to other operators, particularly ones looking to generate liquidity in today’s difficult market.”
Charles Adcock, Managing Director of Lime Rock Resources, added, “Central to the Lime Rock Resources’ strategy has been to look for assets that fit our strengths in terms of size and for those that lend themselves to applying our operational expertise in workover and development opportunities. While the previous owners of these properties are exceptional operators, the properties were not central to their existing operations or growth plans.”
Established in 1998, Lime Rock manages $3.5 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 $450 million under management and an acquisition capacity of $750 million, Lime Rock Resources acquires, operates, and improves lower-risk 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.
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