Northstar Offshore Sells Assets to Investor Group for $201 Mln

Northstar Offshore Energy Partners said Thursday that it has sold most of its asset holdings to ANKOR E&P Holdings Corp., STX Energy E&P Offshore Management and SCL Resources for $201 million. The deal was effective Oct. 1. The assets sold have a current output of 4,700 barrels per day and reserves of 10.8 million barrels. Northstar Offshore is backed by Natural Gas Partners.

PRESS RELEASE

Northstar Offshore Energy Partners, LLC (“NOEP” www.nstarinterests.com) – a portfolio company of Natural Gas Partners (“NGP”) – today announced it has sold substantially all of its asset holdings to ANKOR E&P Holdings Corporation, STX Energy E&P Offshore Management, LLC and SCL Resources, LLC for $201 million. The assets sold to the Korean buying group have a current output of 4,700 barrels per day, and reserves of 10.8 million barrels. The deal was effective October 1, 2011.
Formed in July of 2008, immediately following a sale of an earlier group of Gulf of Mexico assets, NOEP’s interests encompassed 81 producing wells, 38, blocks, and 18 producing fields on the Gulf of Mexico shelf.
“Northstar not only met its goals with this asset sale, but also forged a lasting relationship with ANKOR and the Korean buying group for future joint activities. We look forward to the future in the Gulf of Mexico,” said Northstar President, S. Glynn Roberts. Roberts added that the announcement of a new Northstar entity would come some time early in 2012.
Founded in 1988, Natural Gas Partners (NGP) is a family of investment funds with aggregate committed capital of over $9 billion, organized to make direct equity investments in private energy enterprises.
SOURCE Northstar Offshore Energy Partners, LLC