Lime Rock Resources Adds to Mid-Continent Operations with $381 Million in Oil and Gas Property Acquisitions6/15/2015
Houston, June 15, 2015 — Lime Rock Resources, acquirers and operators of producing oil and gas properties in the United States, today announces that it has successfully closed two acquisitions, totaling $381 million, of working interests in oil and gas properties in the Mid-Continent region from separate sellers. The first acquisition, completed in December 2014, includes oil weighted properties in the Norge unit, primarily in Grady County, Oklahoma. The Lime Rock Resources team assumed operations of over 115 producing wells and is beginning the assessment of development drilling and operational improvement projects. The acquisition represents the sixth acquisition in Oklahoma by a Lime Rock Resources fund since its formation in 2005.
Eric Mullins, co-CEO of Lime Rock Resources, said, “The Norge acquisition fits our strategy to acquire lower-risk producing oil and gas properties in areas we have deep experience in. We are gratified that we were able to work with the seller of the Norge assets to reach what we believe was the best agreement for all involved in a transaction completed during a time of considerable oil price uncertainty. We think that our flexibility, straightforwardness, ability to quickly respond and change resulted in a transaction that accomplished the goals of both us and the seller.”
Charlie Adcock, co-CEO of Lime Rock Resources, added, “We are happy to have had an opportunity to acquire the Norge assets, which we have now integrated into operations with our previous acquisitions in Oklahoma. We have significant history and institutional knowledge in operating properties in Oklahoma with 25% of all Lime Rock Resources acquisitions to date, by capital, for assets primarily in the state. The Norge assets provide us with exciting potential operating synergies with other Lime Rock Resources properties as well as great technical and market insights into the opportunity set across Oklahoma that we can apply to our current and future property acquisitions.”
In May, Lime Rock Resources successfully completed the Midway acquisition, a natural gas property that includes over 300,000 net acres with operations in Arkansas, Oklahoma, and East Texas. The assets were acquired from a publicly traded oil and gas company.
Eric Mullins, co-CEO of Lime Rock Resources, said, “We are excited to have had the opportunity to acquire the Midway assets, which add to our growing operations in the Mid-Continent region. The latest acquisition perfectly fits our strategy to acquire these lower-risk producing oil and gas properties in our core areas of operations. The recent acquisition is the first natural gas property acquisition after a string of primarily oil property acquisitions.” Charlie Adcock, co-CEO of Lime Rock Resources, added, “We look forward to accessing multiple plays in the region with legacy vertical and delineated horizontal potential. We plan to use our prior knowledge in operating lower-risk properties in order to improve the operational and financial performance of the acquired assets.”
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. 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