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Northstar in $160m GoM splash

by on October 18, 2012 3:32 pm BST
 

The group of natural gas-focused private equity players has
spent $160 million on acquiring a pair of shallow-water assets from two
different private sellers.

Subsidiary Northstar Offshore Group has taken the Creole
field in West Cameron blocks 2 and 3 offshore Louisiana.

It has also snapped up a group of properties in the central
Gulf of Mexico region.

In total the collaboration has gained 27 blocks with 14 producing
fields, seven of which it will operate. The assets have a com

bined 7.4 million
barrels of oil equivalent of net proven reserves and daily net production of
2100 boe.

President
Glynn Roberts said: “We operate the majority of the assets and intend active
drilling campaigns. We have a credit facility in progress to provide financial
flexibility for seismic, future drilling and additional acquisitions

“We
have also substantially upsized our equity from $102.4 million to $205.2
million, with NGP committing an incremental $100 million tranche.”

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