GE unit (NYSE:GE) GE Energy Financial Services has partnered with
Casillas Petroleum Corp. to purchase oil and gas reserves in southwest
Kansas from Cimarex Energy Co. (NYSE: XEC). The purchase marks the first
collaboration between GE and Casillas Petroleum. Financial details were
not disclosed.
The assets include more than 500 producing wells spread across 14
counties in Kansas. Tulsa-based Casillas Petroleum will operate the
properties and serve as the general partner of the partnership. GE
Energy Financial Services will be the sole limited partner and will
provide both acquisition and development capital to help grow the
partnership’s reserves.
Greg Casillas, president of Casillas Petroleum, said, “Our investment
with GE allows us to grow our business through a high-upside oil and gas
field acquisition, while maintaining the financial flexibility to
continue to drill new wells.”
Ray Edgar, managing director and leader of the Oil and Gas team at GE
Energy Financial Services, added, “Our partnership with Casillas
Petroleum is another example of helping customers and GE grow through
profitable investments in long-lived assets.”
Since 1991, GE Energy Financial Services’ Oil and Gas team has provided
more than $4 billion in partnership equity for its independent private
and public oil and gas partners-operators in the United States. Based in
Stamford, Connecticut – with an office in Houston – the Oil and Gas team
is active in all major onshore basins and in shallow water Gulf of
Mexico. Its 25 partnership investments own interests in more than 3,000
wells that produce an estimated 11,000 barrels of oil equivalent daily.
About Casillas Petroleum
Casillas Petroleum Corp., “CPC”, is a closely held privately owned
company with an enthusiastic devoted team of dedicated professionals.
They are committed to the further development of domestic oil and gas
reserves through exploration and development of drilling projects as
well as acquisitions of existing producing assets within the
Mid-Continent region of the United States.
CPC has been engaged in the oil and gas industry since 1986 with its
corporate headquarters in Tulsa, Oklahoma, and field offices located in
Nash, Oklahoma as well as Lindsey, Oklahoma. Current assets exceed 950
producing leases and over 2,000 barrels of oil equivalent per day,
within 5 states in the Mid-Continent Region.
About GE Energy Financial Services
GE Energy Financial Services—GE’s energy investing business—works as a
builder, not just a banker, to help meet the world’s power and fuel
needs. We offer more than money—expertise—for essential, long-lived and
capital-intensive power, oil and gas infrastructure—GE’s core business.
Drawing on GE’s energy technical know-how, financial strength and risk
management, we see value where others don’t and take on our customers’
toughest challenges with flexible equity and debt transaction
structures. Based in Stamford, Connecticut, GE Energy Financial Services
holds approximately $16 billion in assets. More information: www.geenergyfinancialservices.com.
Follow GE Energy Financial Services on Twitter: @GEEnergyFinServ
About GE
GE (NYSE: GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in
energy, health and home, transportation and finance. Building, powering,
moving and curing the world. Not just imagining. Doing. GE works. For
more information, visit the company's website at www.ge.com.
Copyright Business Wire 2014