Mergers and Acquisitions

GE Oil & Gas will buy Salof, a designer and manufacturer of small-scale liquefied natural gas technologies based in Texas. The acquisition includes 200 employees. Together with the acquisition, GE will acquire a 50% ownership interest in Beijing enCryo Engineering, a Beijing-based joint venture between Salof and Beijing Maison Engineering.

Enegi Oil entered into a joint venture with Advanced Buoy Technology (ABT) to exploit stranded offshore oil reserves using ABT’s unmanned buoy technology. The companies will work together to secure and develop interests in stranded, offshore oil reserves.

NorthWestern Energy will purchase operating and nonoperating natural gas production interests in northern Montana’s Bear Paw basin from Devon Energy Production. This purchase also includes Devon’s 82% interest in Havre Pipeline. The acquisition includes approximately 916 producing wells and connected gathering systems with more than 82 miles of transmission line, 576 miles of gathering lines, and 21 compressors. Net proven reserves are estimated to be 64.6 Bcf.

Teekay Offshore Partners will acquire a 50% interest in the Cidade de Itajai (Itajai) floating production, storage, and offloading (FPSO) unit from Teekay for approximately USD 204 million. The Itajai operates in the Baúna and Piracaba fields in the Santos basin offshore Brazil under a 9-year, fixed-rate, time-charter contract with Petroleo Brasileiro. The remaining 50% interest is owned by Odebrecht Oil & Gas.

Atlas Resource Partners bought 466 Bcf of natural gas proved reserves from EP Energy for USD 733 million. The reserves are located in the Baton basin in New Mexico and the Black Warrior basin in Alabama.

Kodiak Oil & Gas acquired Bakken and Three Forks producing properties and undeveloped leasehold in the Williston basin of North Dakota from Liberty Resources for USD 660 million. Net oil and gas production is currently approximately 5,700 BOEPD.

Statoil will acquire 80% of PetroFrontier’s working interest in four exploration permits and two exploration permit applications in the Southern Georgina play in the Northern Territory in Australia. Statoil will carry 100% of the initial exploration phase capped at USD 50 million.

Kabe Exploration and International Equity Partners Oil & Gas will jointly explore and develop 7,300 acres of oil leases in the Mississippian field of southern Kansas. Each well is estimated to yield 400,000 bbl of oil, adding up to a potential 9.6 million bbl for the project.


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