Paloma Partners II, LLC Announces Sale to Marathon Oil Corporation
HOUSTON, May 9, 2012 /PRNewswire/ — Houston based Paloma Partners II, LLC (“Paloma II”) announced today that it has recently entered into an agreement for the sale of the company to Marathon Oil Corporation (NYSE: MRO). Under the terms of the agreement, Marathon Oil will acquire Paloma II for $750,000,000 in cash, effective as of April 1, 2012, subject to customary closing terms and conditions. Closing is expected to occur in the third quarter of 2012. Paloma II owns roughly 17,000 net acres in the Eagle Ford shale play, primarily in Karnes and Live Oak counties, TX. Net production as of April 1 was approximately 7,000 boepd.
Paloma II is a privately held acquisition, exploration and production company headquartered in Houston, Texas. Principal shareholders are Paloma Resources, LLC, Encap Energy Capital Fund VII, LP, and Macquarie Americas Corp.
Jefferies & Company, Inc. and Baker & McKenzie, LLP acted as financial advisors and legal advisors, respectively, to Paloma Partners II in connection with the transaction.
SOURCE Paloma Partners II, LLC