GE Unit Partners With TriTex to Acquire Oil and Gas Reserves in New Mexico

GE Energy Financial Services, a unit of GE, has formed a partnership with TriTex Energy to acquire proved oil and gas reserves in southeastern New Mexico for $31 million.

GE Energy Financial Services has announced that it is investing $30 million as the 98% limited partner. TriTex Energy is investing the balance as the 2% general partner and operator.

The new alliance, TriTex Energy A, plans to invest an additional $14 million to develop and produce proved reserves over the next two years. Additional financial and operational details of the transaction have not been disclosed.

Don Ritter, president of TriTex Energy, said: “GE was able to close this transaction in one of the most difficult banking and commodities markets imaginable. Their financial and technical strengths make them a great partner. This alliance advances our strategy of diversifying our reserve holdings into the southeastern New Mexico-West Texas region.”