Goldking Energy Corporation Acquires Oil and Gas Properties From EnerVest Energy, L.P.
Posted on: Tuesday, 17 January 2006, 18:00 CST
Goldking Energy Corporation announced today that it has acquired a group of Louisiana and Texas Gulf Coast oil and gas properties from EnerVest Energy, L.P., effective July 1, 2005.
The acquired assets include a number of major oil company legacy fields, which will now be operated by a Goldking subsidiary. Total net proved reserves are estimated at 7.6 million barrels of oil equivalent, roughly split between oil and gas, with an additional 2.6 million barrels of oil equivalent classified as probable. Net lease acreage included in the acquisition exceeds 44,000 acres. Active exploration and development efforts are ongoing in several of the fields, including Garden Island Bay, Leeville, Bateman Lake and Chocolate Bayou.
Goldking financed the acquisition with a combination of equity funding from Natural Gas Partners and a new bank facility provided by Bank of America and Union Bank of California.
Goldking Energy Corporation is a Houston-based oil and gas acquisition and exploitation company focused in the Gulf Coast. It is a portfolio company of Natural Gas Partners, the premier provider of private equity capital in the energy industry. Founded in 1988, Natural Gas Partners is an affiliate of NGP Energy Capital Management, a $3.6 billion firm based in Irving, Texas that invests in all sectors of the energy industry.
Source: Business Wire
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