Northstar Offshore Group (NOG), a portfolio company of private equity firm Natural Gas Partners, has completed two shallow water purchases in the Gulf of Mexico for a combined total of USD160m.
On 11 October, NOG acquired the Creole field, located in West Cameron Blocks 2 and 3 in the shallow state waters of Louisiana. On 16 October, NOG acquired a group of shallow water properties located in the federal waters of the Gulf of Mexico’s central region.
Northstar gains a combined 27 blocks, 14 producing fields (of which seven are operated), with a combined 7.4 million barrels of oil equivalent (BOE) net proved reserves and a net daily production of 2,100 BOE.
"We are pleased to aggregate an asset base with significant upside so quickly in our latest company. We operate the majority of the assets and intend active drilling campaigns. We have a credit facility in progress to provide financial flexibility for seismic, future drilling and additional acquisitions," says Northstar president Glynn Roberts (pictured). "We have also substantially upsized our equity from USD102.4m to USD205.2m, with NGP committing an incremental USD100m tranche."
