Blue Whale Energy North America purchases Permian Basin assets

Blue Whale Energy North America has announced the closing of a transaction with Tall City Exploration LLC and Plymouth Petroleum LLC, both private companies, on behalf of Moss Creek Resources LLC, for assets located in Howard and Borden County, Texas valued at US$1.084 billion. The transaction is effective as of 1 April 2015. The assets purchased consist of approximately 6000 boe/d of net production and over 78 000 net acres. Surge Energy Operating, an operating company based in Houston, Texas, will operate the acquired properties.

In addition to the Moss Creek deal, Blue Whale closed a transaction in April 2015 with Juno Energy II, a private company, for US$315 million on behalf of Surge Energy America LLC. These assets consist of approximately 2500 boe/d and over 7100 net acres in Crosby County, Texas on the northern edge of the Permian Basin. The Surge Energy transaction combined with the Moss Creek transaction brings Blue Whale’s total acquisitions for 2015 to US$1.4 billion and 85 000 net acres in the Permian Basin.

Blue Whale Energy North America is a US subsidiary of Blue Whale Energy Ltd, an energy investment company based in Beijing, China and is engaged in the acquisition of upstream oil and gas properties in the United States and Canada.

Edited from press release by Angharad Lock

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/01122015/blue-whale-energy-north-america-purchases-permian-basin-assets-1846/