Northstar Offshore Group, LLC a portfolio company of Natural Gas Partners (“NGP”) – yesterday announced the completion of two shallow water acquisitions in the Gulf of Mexico from private sellers, for a combined total of $160 million.
On October 11, 2012, Northstar acquired the Creole field, located in West Cameron Blocks 2 and 3 in the shallow state waters of Louisiana. On October 16, 2012, Northstar acquired a group of shallow water properties located in the federal waters of the GOM’s central region.
Northstar gains a combined 27 blocks, 14 producing fields (of which seven are operated), with a combined 7.4 million barrels of oil equivalent (BOE) net proved reserves and a net daily production of 2,100 BOE.
“We are pleased to aggregate an asset base with significant upside so quickly in our latest company. 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,” said Northstar President, Glynn Roberts. “We have also substantially upsized our equity from $102.4 million to $205.2 million, with NGP committing an incremental $100 million tranche.”
Press Release, October 19, 2012