Source: WHT Energy
WHT Energy Partners LLC signed a Purchase and Sale Agreement to acquire oil and gas properties in the Carthage, Minden and Spider Fields of East Texas and North Louisiana.
WHT is a new company, formed in February 2011 to pursue this acquisition. WHT is a joint venture between WildHorse Resources, LLC and Tanos Energy, LLC, two existing portfolio companies of Natural Gas Partners (NGP) that currently own oil and gas properties located in East Texas and North Louisiana.
Tony R. Weber, Managing Director and Chief Investment Coordinator of NGP, commented, “The Carthage Field is one of the most prolific natural gas fields in the United States. We are delighted to have two of our existing portfolio companies partner on this acquisition and apply their exploitation and development skills to this world class asset.”
Subject to customary conditions, the transaction is expected to close by early April 2011.
Founded in 1988, Natural Gas Partners is a $7.2 billion family of investment funds organized to make direct equity investments in private energy enterprises. NGP is part of the investment platform of NGP Energy Capital Management, the premier investment franchise in the natural resources sector with $9.5 billion in cumulative capital under management.