GE Energy Financial Services and Vess Oil acquire Texas properties

GE Energy Financial Services, Vess Oil Corp.

GE Energy Financial Services, a unit of GE (NYSE: GE), has formed its third partnership with a Vess Oil Corp. affiliate to purchase oil reserves in East Texas for $108 million. The partnership is acquiring 13,000 net acres and associated Woodbine production from an affiliate of EnerVest Ltd.  

The assets are located 20 miles northeast of College Station in Brazos, Madison and Grimes counties, and the target zones are the existing Woodbine and prospective Eagle Ford formations.

GE Energy Financial Services invested $77 million for a majority stake and limited partner role, with a Vess Oil affiliate acquiring the remaining interest and serving as general partner and operator. Additional financial details were not disclosed.

 

 

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