Petro Harvester Oil and Gas acquires additional long-life oil properties in southeast US

Source: Petro Harvester Oil and Gas, LLC

Petro Harvester Oil and Gas, LLC, an oil-focused exploration and production company formed by TPG Capital to acquire mature producing assets in North America, today announced that it has acquired producing, long-life oil properties located primarily in central and southern Mississippi and in southern Louisiana from Denbury Resources Inc. The acquisition includes 138 operated wells in 29 producing oil and gas fields. The transaction is expected to close by the end of February 2012.

“This new acquisition builds on our experience and success of operating in Mississippi,” said Jim Sinclair, President and COO at Petro Harvester Oil and Gas. “Petro Harvester continues its strategy of acquiring well established, long-life, oil-weighted fields, with opportunities for operational improvements to increase production and reserves. We believe these assets will be a great addition to our portfolio.”

Michael MacDougall, partner at TPG Capital said, “In just over a year, Petro Harvester has made three significant acquisitions and continues to look for opportunities to expand its platform. The experienced management team we have backed has demonstrated that strong operational focus can bring substantial additional value to existing oil and gas assets.”

The acquisition represents the company’s third acquisition in 13 months, and its second in the Gulf Coast region, raising total asset purchases to more than $400 million. Petro Harvester was formed in mid-2010 and acquired Mississippi long-life, oil and gas properties from Comstock Resources, Inc. in December 2010. The company’s second acquisition was of Williston Basin long-life oil properties in North Dakota last year.

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