GE Energy Financial Services, a unit of 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 approximately 13,000 net acres and associated Woodbine production from an affiliate of EnerVest, Ltd. The assets are located approximately 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.
The companies partnered previously to acquire reserves in Brazos County as well as in Kansas. A separate Vess Oil affiliate is developing Woodbine reserves in the Kurten Field, adjacent to the newly acquired assets. The new partnership is conducting drilling and completion operations on its first and second Woodbine wells as part of a multi-year continuous drilling program.
“Our partnership with GE accomplishes our strategic objective of expanding our operations in Brazos County and provides a platform for growth through bolt-on acquisitions in this area,” said Barry Hill, CEO of Vess Oil Corp.
Commenting on the development plan, Ronnie Nutt, chief operator officer of Vess Oil, stated, “I am eager to launch our program and look forward to expansion opportunities predicated on demonstrable results.”
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