In Fifth New Oil & Gas Investment This Year, GE Unit & Tritex Provide Up To $45 Million to Acquire, Develop Oil & Gas Reserves in New Mexico
GE Energy Financial Services, a unit of GE (NYSE: GE), announced today it has formed a partnership with TriTex Energy, LLC to acquire proved oil and gas reserves in southeastern New Mexico for $31 million. GE Energy Financial Services has invested more than $360 million in proved oil and gas reserves in five transactions this year, an annual record for the business.
GE Energy Financial Services is investing $30 million as the 98 percent limited partner. TriTex Energy, LLC is investing the balance as the 2 percent general partner and operator. The new alliance, TriTex Energy A, LP, plans to invest an additional $14 million to develop and produce proved reserves over the next two years. Additional financial and operational details of the transaction were not disclosed.
“GE was able to close this transaction in one of the most difficult banking and commodities markets imaginable. Their financial and technical strengths make them a great partner.”Don Ritter
President of TriTex Energy, LLC
John Schaeffer, Managing Director and head of the oil and gas unit at GE Energy Financial Services, said: "This new investment with TriTex, completed in this turbulent economic environment, is another example of the unique benefits of our partnership equity structure. This is our fifth such investment in this record year for our business in which we've invested more than $360 million. This partnership offers an excellent growth opportunity for TriTex and GE Energy Financial Services by combining TriTex's expertise and the attractive development prospects of these reserves."
Since 1991, GE Energy Financial Services' Oil and Gas team has provided more than $3 billion in partnership equity for its independent private and public oil and gas partner–operators in the United States. Based in Stamford, Connecticut – with offices in Houston and Denver, Colorado – the Oil and Gas unit is active in all major onshore basins and in shallow water Gulf of Mexico. Its 21 partnership investments own interests in 8,200 wells and produce an estimated 21,350 barrels of oil equivalent daily.
About TriTex Energy LLC
TriTex Energy, LLC, based in Addison, Texas, owns and operates oil and gas reserves in Central Texas and New Mexico. TriTex is majority– owned by Triad Energy Corporation, established in 1987, which holds oil and gas properties in Ohio, West Virginia and Kentucky. Its subsidiary, Triad Resources LLC, provides engineering, geology, land management, field supervision and work–over services to operate and manage Triad assets.
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