Jonah Energy LLC has completed the acquisition of the Jonah field operations located in Sublette County, Wyoming, from EnCana Oil & Gas (USA) Inc., a wholly owned subsidiary of EnCana Corp. (TSX, NYSE: ECA) for $1.8 billion.
This is the first acquisition by Jonah Energy, which was formed by TPG, a global private investment firm, to acquire and operate North American onshore oil and gas properties. The properties acquired by Jonah Energy comprise a total productive area of 24,000 acres and over 1,500 active wells in the Jonah field, and more than 100,000 undeveloped acres adjacent to Jonah known as the Normally Pressured Lance (NPL) area. Year-end 2013 proved reserves totaled 1.5 trillion cubic feet equivalent (Tcfe) with first-quarter 2014 net production of 311 MMcfe/d.
Headquartered in Denver, Colorado, Jonah Energy LLC is the new name of the Jonah field operations located in Sublette County, Wyoming. Jonah Energy was formed by TPG in early 2014 to acquire and operate the Jonah field operations, and it will also serve as a platform to own and operate additional producing onshore oil and gas properties in North America.