By Oil & Gas Financial Journal staff
Privately held oil and gas company Dynamic Offshore Resources LLC has acquired substantially all of the Gulf of Mexico properties of XTO Offshore Inc. and other related subsidiaries of ExxonMobil Corp., for $182.5 million.
Steadily increasing its presence in the US Gulf of Mexico since its founding in 2008 with a $500 million equity commitment from Riverstone Holdings LLC and management, the Houston-based company came in at No. 25 in the July installment of the OGFJ100P list of top privately held companies based on production.
The assets acquired from XTO have current production in excess of 7,000 boepd and represent interests in 79 active leases covering approximately 130,000 net acres on the Gulf of Mexico Shelf.
Based on a reserve report prepared by Netherland, Sewell & Associates, Inc. as of July 31, 2011, the acquired assets contain proved reserves of 13.5 MMboe, of which approximately 40% is oil and 72% is proved developed. Operated properties comprise greater than 90% of the proved reserve value and current production.
The company’s growth in the Gulf of Mexico is credited for its ability to secure a new four-year, $750 million senior secured credit facility on July 7 with a syndicate of ten banks led by The Royal Bank of Scotland plc.
In conjunction with closing the new facility, Dynamic acquired the remaining minority equity interests in Bandon Oil and Gas LP.
Earlier in the year, two separate deals saw the company acquire Gulf of Mexico properties from foreign-domiciled owners exiting the GoM shelf for a combined purchase price of $42.5 million.
The company has also acquired Gulf of Mexico shelf assets from Beryl Oil and Gas LP, Bayou Bend Petroleum, and Northstar Exploration and Production Inc.