Upstream Exploration LLC has announced that it has acquired substantially all of the assets of Century Exploration LLC and Century Exploration Houston LLC. Upstream’s operations will be focused primarily in the shallow waters of the Gulf of Mexico, offshore Louisiana, and along the US Gulf Coast in Louisiana and Texas.
Upstream has retained the majority of the Louisiana-based employees of Century Exploration and its corporate headquarters will be in Metairie Louisiana.
Michael Willis, Upstream’s President, remarked: “We are pleased to have worked closely with Highbridge to acquire a high quality asset base from Century Exploration and retain the majority of their highly experienced management team and employee base. We believe that our strong technical and operational experience, coupled with an attractive capital structure, will enable us to create value and capitalize in the current energy price environment.”
Don Dimitrievich, Head of Energy and Power at Highbridge Principal Strategies LLC, added: “We recognised the value of the team that Michael has assembled and the potential of the properties that were acquired. We are pleased to assist our portfolio companies to navigate through the current down cycle and prosper on the other side. Over the long term, we remain very constructive and believe the current environment provides great investing opportunities.”
Edited from press release by Angharad Lock
Read the article online at: https://www.oilfieldtechnology.com/exploration/23022016/upstream-exploration-acquires-assets-of-century-exploration-2556/