Quest Energy Partners Acquires Oil Producing Properties in Oklahoma

Source: www.gulfoilandgas.com 2/14/2008, Location: North America

Quest Energy Partners, L.P. has purchased certain oil producing properties in Seminole county Oklahoma from a private company for $9.5 million in a transaction that closed in early February. In addition, Quest entered into crude oil swaps for approximately 80% of estimated production from the property's proved developed producing reserves at WTI-NYMEX prices of approximately $96 in 2008, $90 in 2009, and $87.50 for 2010. The acquisition was financed with borrowings under Quest's credit facility.

Jerry Cash, Chairman, President, and Chief Executive Officer of the general partner of Quest Energy Partners, said, "We believe the economics of this small acquisition, in an area that our management team has operating experience, are highly attractive even before taking into account identified exploitation opportunities. These long-lived oil producing properties add some balance to our production mix and are an ideal fit for our business model. We expect this acquisition to be immediately accretive to distributable cash flow per unit and, subject to approval from our Board of Directors, believe it should allow us to raise our distribution rate."


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Related Articles: Aromatic Solvents  Butene  Cleaning  Corrosion Inhibiting  Crude Oil  Diesel Fuel  Ethylene  Fluids Drilling, Completion, Workover & Stimulation  Fluids/Chemicals  Fracturing Sand  Fuel oil  Gasoline (Lead free)  General  Jet fuel  Kerosene. Domestic use  Lubricants, Oils & Greases  Nitrogen  Oil Treating & Refining  Polyethylene  Polyvinyl chloride  Propane  Sand, Sandblast  Surfactants 


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