Castleton Acquires $1B Assets from Anadarko Petroleum

Source: www.gulfoilandgas.com 11/18/2016, Location: North America

Castleton Commodities International LLC (CCI) announced that it has acquired the Carthage upstream and midstream assets in East Texas from subsidiaries of Anadarko Petroleum Corporation for over $1 billion.

Pro forma for the Carthage acquisition, CCI will own over 160,000 net acres of leasehold in East Texas. As of the effective date, daily net production to CCI in East Texas increased to over 320 mmcfe/day.

Craig Jarchow, President of CCI Oil and Gas, said, “The Company is well-positioned to enhance the value of these acquired assets through further development of the Haynesville shale, amongst other operational activities. We remain focused on strategically growing and diversifying our upstream and midstream assets, and broadening our portfolio with attractive opportunities that complement our long-term business strategy.”

JPMorgan Chase Bank, N.A. acted as Lead Arranger and Lead Bookrunner in connection with the reserve based lending facility for this transaction. ABN AMRO Capital USA LLC, Wells Fargo Securities, LLC, Société Générale, and Bank of America Merrill Lynch acted as Joint Lead Arrangers and Joint Bookrunners. Funds managed by HPS Investment Partners made an unsecured mezzanine debt investment in the transaction.

Société Générale acted as Financial Advisor to CCI for this transaction. Vinson & Elkins LLP and Bracewell LLP served as legal advisors to CCI in the transaction.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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