Common Resources LLC, an oil and gas exploration company, has been sold in a pair of transactions totaling $805 million. EXCO Resources Inc. (NYSE: XCO) and BG Group PLC (LSE: BG.L) bought Common’s Haynesville assets for approximately $446 million, while Talisman Energy Inc. (NYSE: TLM) bought Common’s Eagle Ford assets for approximately $359 million. Common Resources was founded in 2007, and backed by EnCap Investments, Pine Brook Road Partners and Soros Fund Management.
Common Resources, LLC (“Common”) today announced the completion of the sale of the company for a total purchase price of $805 million, subject to customary purchase price adjustments. The sale was accomplished in two separate transactions. EXCO Resources, Inc. (NYSE: XCO) and BG Group plc (LSE: BG.L) bought Common’s Haynesville assets for approximately $446 million. Talisman Energy, Inc. (NYSE: TLM) bought Common’s Eagle Ford assets for approximately $359 million.
Common Resources was founded in August of 2007 by Roger Jarvis, Robert Snell and Elliot Pew to focus on the development of domestic non-conventional resource plays.
Roger Jarvis, Chairman, President and CEO of Common said, “We are pleased that Common was able to identify, capture and validate meaningful positions in the core of two of the most attractive shale gas plays in North America.”
EnCap Investments, Pine Brook Road Partners and Soros Fund Management co-led the funding for Common.
“The Company’s growth, success and ability to generate exceptional returns for its investors reflect the talent, vision and dedication of the management team led by Roger Jarvis and Elliot Pew,” said Robert L. Zorich, Managing Partner at EnCap.
Howard H. Newman, President and Chief Executive Office of Pine Brook Road Partners said,
“Not only am I pleased to be able to provide an exceptional return to our Limited Partners, I particularly look forward to joining again with EnCap to back Roger and his team in forming Common Resources II.”