This story was corrected Nov. 30 to remove the hyperlink for Magnolia Petroleum Co., which was linked to the incorrect web address.
Magnolia Petroleum Co., a Dallas-based partnership of Burnett Petroleum Co. (BPC) and private equity firm CIC Partners, has acquired all of the assets of Famcor Oil Inc. Houston.
The acquisition includes 70 operated wells in San Jacinto, Liberty, Montgomery, and Polk counties. BPC affiliate Arcadia Operating LLC acquired a minority interest and will oversee all operations.
As of March, Famcor held gross operated production of 1,057 boe/d, 72% of which was oil, from multiple formations including the Cockfield, Yegua, and Wilcox, according to TGS data. Two thirds of the wells and more than half of the production were in Polk County.
Magnolia was formed in 2012 to acquire operated Gulf Coast properties. BPC and affiliates own stakes in more than 425 producing wells in Texas, Arkansas, Louisiana, New Mexico, Mississippi, and Oklahoma.