Lime Rock Resources Announces Acquisition of East Velma Field in Two Transactions5/15/2012
HOUSTON, May 15, 2012 — 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 additional interests in the East Velma oil properties in Grady, Garvin, Stephens, and Carter Counties, Oklahoma. It has also assumed operatorship of the properties. Lime Rock Resources made its first acquisition in the East Velma field in October 2011. Both acquisitions, totaling $144 million, were from private companies. The two East Velma transactions represent the third and fourth acquisition by the Lime Rock Resources team in Oklahoma since 2007. The Lime Rock Resources team has made nearly $1.2 billion of acquisitions since its inception in 2005.
Eric Mullins, co-CEO of Lime Rock Resources, said, “The East Velma field is exactly the type of property we look to acquire and operate: mature producing properties that were considered non-core by the selling party. We look forward to applying our highly focused operating approach to the properties to maintain production at high levels and to increase margins.” Charlie Adcock, co-CEO of Lime Rock Resources, added, “Both acquisitions for the East Velma property were made in proprietary transactions without the use of intermediaries. We believe that our ability to quickly execute transactions and deliver on our promise as buyers will continue to help us be a buyer of choice for operators looking to sell non-core properties.”
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