Lime Rock Resources Acquires Oklahoma Natural Gas Property for $123 Million1/10/2014
HOUSTON, January 10, 2014 — Lime Rock Resources, acquirers and operators of producing oil and gas properties in the United States, today announces that it has successfully acquired a natural gas property in the Oklahoma Panhandle area for $123 million. The acquisition represents the fourth acquisition in Oklahoma by a Lime Rock Resources fund since its formation in 2005. The Lime Rock Resources private equity funds have acquired a total of $1.5 billion in U.S. oil and gas properties in that time.
Eric Mullins, co-CEO of Lime Rock Resources, said, “The recent acquisition is the first natural gas property acquisition after a string of primarily oil property acquisitions since 2010. Our ability to acquire it at an attractive price testifies to the increasingly balanced market between oil and gas properties, and between buyers and sellers.” Charlie Adcock, co-CEO of Lime Rock Resources, added, “The recent acquisition is a classic type of property we seek to acquire: a mature producing field that was considered non-core by the seller. We look forward to rolling up our sleeves and applying our operational improvement techniques to help maximize the property’s remaining reserves, production, and value.”
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 proved oil and gas properties with the goal of providing its investors with attractive long-term returns. Established in 1998, Lime Rock Management has raised $5.5 billion in private equity funds for investment in the energy industry through Lime Rock Resources and Lime Rock Partners, investors of growth capital in E&P and oilfield services companies worldwide. For more information, please visit www.limerockresources.com.Back to News