Subcontractors USA News Provider
Lime Rock Resources, acquirers and operators of producing oil and gas properties in the United States, announced recently that it has signed a definitive agreement to acquire oil and natural gas properties primarily in Montague, Wise, Denton and Cooke Counties in Texas for approximately $230 million, subject to customary purchase price adjustments. The transaction represents Lime Rock Resources’ first acquisition in the Fort Worth Basin. The transaction is expected to close by year-end 2018, subject to customary closing conditions.
Eric Mullins, co-CEO of Lime Rock Resources, said, “The recent acquisition provides the Lime Rock Resources fund with an entry into the liquid-rich Barnett portion of the Fort Worth, which is a basin that we have been attracted to for several years. The acquisition comes with about 114,000 net acres and has relatively low associated water production rates.”
Charlie Adcock, co-CEO of Lime Rock Resources, added, “We look forward to applying our operational improvement strategies to a property in a new basin. The assets provide the acquiring fund with robust cash flow and substantial horizontal development opportunities.”
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 $8.6 billion in private equity funds for investment in the energy industry through Lime Rock Resources and Lime Rock Partners, both investors of growth capital in E&P and oilfield services companies.
For more information, please visit www.limerockresources.com.
SOURCE: Lime Rock Resources
