Lime Rock Resources has agreed to acquire oil and natural gas properties in Cleveland and McClain Counties, Oklahoma from BP America Production Company. No financial terms were disclosed.
HOUSTON, June 18, 2019 /PRNewswire/ — Lime Rock Resources, acquirers and operators of producing oil and gas properties in the United States, announced today that it has signed a definitive agreement to acquire oil and natural gas properties in Cleveland and McClain Counties, Oklahoma from BP America Production Company The properties are located approximately 50 miles east of Lime Rock Resources’ existing Norge unit operations acquired in 2014. The transaction, which represents Lime Rock Resources’ eighth acquisition in Oklahoma, is expected to close in the third quarter of 2019, subject to customary closing conditions.
Eric Mullins, co-CEO of Lime Rock Resources, said, “As oil and gas companies continue to shift their capital and focus on fewer areas, they are seeking to divest an increasing amount of their non-core properties. We are excited to be a buyer from private companies, large independents, and majors.” Charlie Adcock, co-CEO of Lime Rock Resources, added, “Over the last several years, we have combined our intensive, low-cost approach with the application of the latest in long-reach horizontal drilling and modern completion techniques. We are looking forward to applying these same processes that we are using in the Permian, Williston, and in the nearby Norge field to these new assets.”
About Lime Rock Resources
Based in Houston, the Lime Rock Resources team acquires, operates, and improves producing oil and gas properties in the United States. The team has acquired properties in select oil and gas basins nationwide as it seeks to provide its investors with attractive long-term returns. Established in 1998, Lime Rock Management has raised $8.9 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.
For more information, please visit www.limerockresources.com.