Aspect Abundant Shale LP Announces the Sale of Barnett Properties to a Unit of Williams
Posted on: Monday, 21 July 2008, 12:01 CDT
Denver-based Aspect Abundant Shale LP is pleased to announce the sale of its north Texas Barnett Shale Properties to a unit of Williams (NYSE: WMB) for $166 million cash. The sale assets include 41 existing producing wells with daily net production of approximately 9 million cubic feet equivalent (MMCFE), 175 billion cubic feet equivalent (Bcfe) of proved, probable and possible reserves on approximately 10,000 net acres predominately located in Tarrant, Johnson and Hood counties. The company expects the transaction to close in early September 2008 and plans to re-invest the proceeds of this sale in multiple clean burning natural gas resource basins in North America.
This is the second major sale for AASLP this year. In February, AASLP closed on the sale of its Fayetteville, Arkansas holdings.
Aspect Abundant Shale LP, headquartered in Denver, Colorado, was formed in June of 2006 as a joint venture between affiliates of Aspect Holdings, LLC and First Reserve Corp., a private equity firm based in Houston, Texas. The joint venture focuses on the evaluation and exploration of unconventional shale plays throughout North America concentrating on current leasehold positions of over two hundred fifty thousand (250,000) acres primarily in the Barnett, Marcellus, and other emerging shale plays. Further information is available at www.abundantres.com.
First Reserve is the world's leading private equity firm in the energy industry. Throughout its 25-year history of investing solely in the global energy industry, First Reserve has developed a strong franchise, utilizing its broad base of specialized industry knowledge as an advantage. First Reserve believes that strategic diversification across a wide range of energy industry sectors has been a major contributor to the long-term, superior investment record achieved by the First Reserve Funds across economic cycles. Further information is available at www.firstreserve.com.
Source: Business Wire
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