GE Energy Financial Services Partners with Sunland Resources to Acquire and Develop Louisiana Gas and Oil Fields
GE Energy Financial Services and Sunland Resources, LLC announced today the acquisition of natural gas and oil reserves in northern Louisiana for $101 million. The properties were acquired from a consortium led by Caruthers Producing Co., Inc. and include 26 producing wells, two proved, developed nonproducing wells, and 11 low risk, proved, undeveloped drilling locations in the Caspiana and Black Creek fields.
GE Energy Financial Services holds a majority limited partnership interest in Sunland Production Partners, L.P., the partnership formed with Sunland Resources, LLC for the reserve acquisition, and will share in capital expenditures to develop the reserves. Sunland Resources, LLC is the General Partner and Sunland Production Company, Inc. is the operator of the fields. Reserve production is 44 percent oil, 55 percent gas and 1 percent natural gas liquids.
"We are excited to have established this relationship with a strong financial partner, GE Energy Financial Services," said Don Easterwood, Jr., President of Sunland Resources LLC and Sunland Production. "We intend to expand this partnership though additional development and possibly strategic acquisitions."
John Schaeffer, the GE Energy Financial Services Managing Director who heads its Oil and Gas unit, said: "This major acquisition and our partnership with Sunland enable us to grow in this energy–rich region that we know well. Sunland's 20 years of operating experience in Northern Louisiana, combined with GE's financial resources and industry expertise, position our new partnership for long–term success."
Since 1991, the Oil & Gas unit's 18 professionals have provided $2.75 billion in partnership equity for its independent private and public oil and gas partner–operators. Based in Stamford, Connecticut, with offices in Houston, Texas, and Denver, Colorado, the Oil and Gas unit partnership investments produce an estimated 100 million cubic feet of natural gas and 15,000 barrels of oil daily. Visit: www.oilandgaspartners.com
About Sunland Energy Partners
L.P. Sunland Production Company, Inc. acquires producing properties with developmental drilling opportunities. It currently operates more than 60 oil and gas wells located in eight fields in North Louisiana and Arkansas, producing 400 barrels of oil and 15 million cubic feet of gas per day. In addition, Sunland operates a 3.5–mile natural gas gathering system in Elm Grove Field, Louisiana. Since inception, the company was responsible over 60 wells to be drilled in Louisiana, Texas and Arkansas.
GE (NYSE: GE) is a diversified technology and services company dedicated to creating products that make life better. From aircraft engines and power generation to financial services, medical imaging, television programming and plastics, GE operates in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com.
GE Energy Financial Services