White Marlin Oil and Gas Co. LLC has purchased a number of production fields through bankruptcy proceedings. The Houston-based privately held upstream oil and gas production company closed the acquisition of certain properties from Dune Energy Inc., Dune Operating Co. and Dune Properties Inc. on July 27.
The Dune assets were purchased in a sale pursuant to Section 363 of the U.S. Bankruptcy Code after the company filed voluntary petitions for relief on March 8 under Chapter 11 in the U.S. Bankruptcy Court for the Western District of Texas, Austin Division.
The closing of the asset sale followed the July 10 Bankruptcy Court Order approving the sale of certain Dune assets to White Marlin pursuant to the terms of the Purchase and Sale Agreement (PSA) by and between Dune and White Marlin dated June 24. As described in the PSA, White Marlin purchased Dune’s interests in the following 11 fields: Abbeville North, Bayou Couba, Chocolate Bayou, Comite, Lake Boeuf SW, Leeville, Los Mogotes, Malo Domingo, Manchester SW, Manchester W and Toro Grande. Per the terms of the PSA, White Marlin paid $19 million for the assets. White Marlin estimates the assets were producing approximately 626 barrels per oil equivalent per day (Boe/d) net as of the July 1 effective date of the transaction.
Baker & McKenzie LLP represented White Marlin in the acquisition process.
“The acquisition of these core producing properties from Dune Energy is another step forward in our plan to increase investor value and net income from our Texas and Louisiana Gulf Coast strategic asset focus,” said Terry Clark, White Marlin’s president and CEO. “We will continue to grow White Marlin through acquisitions and drilling while positioning our Company to outpace its competitors.”
White Marlin Oil and Gas Co. is a wholly owned subsidiary of White Marlin Energy Partners LLC, a portfolio company of the private equity firm Parallel Resource Partners. The White Marlin Cos. own and operate properties in Kansas, Louisiana and Texas with a focus on environmentally sound onshore and offshore energy operations. Additional information about the Company is available at www.whitemarlinog.com.
Tags: mergers and acquisitions, White Marlin Oil and Gas Co. LLC