GE Unit Partners With TriTex to Acquire Oil and Gas Reserves in New Mexico
Posted on: Wednesday, 5 November 2008, 09:00 CST
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."
Source: Datamonitor
Related Articles
- LTC Financial Partners (LTCFP) Makes Inc. Magazine '5000 Fastest-Growing' List Second Year in a Row
- National Financial Partners to Release Third Quarter Earnings on November 5, 2008
- National Financial Partners to Present at the 2008 Lehman Brothers Global Financial Services Conference
- National Financial Partners To Release Second Quarter Earnings on August 5, 2008
- National Financial Partners' CEO Jessica Bibliowicz to Present at the William Blair & Company 28th Annual Growth Stock Conference
- Global Lighting Leader Energy Focus, Inc. Partners With Eco Engineering, LLC to Bring Energy Efficient Lighting to Businesses
- National Financial Partners to Present at the Keefe, Bruyette & Woods2007 Insurance Conference
- Gasco Energy Announces Financial Partner for Riverbend Project Drilling Program
- National Financial Partners to Acquire Balser Companies, A Leading Executive Benefits Firm
- EPA Names Bosgraaf Homes Energy Star(R) 2006 Partner of the Year
 |
 |
User Comments (0)
RSS Feeds