GE Energy Financial Services and Casillas Petroleum Partner to Acquire Oil & Gas Reserves in Kansas
GE unit (NYSE: GE) GE Energy Financial Services has partnered with Casillas Petroleum Corp. to purchase oil and gas reserves in southwest Kansas from Cimarex Energy Co. (NYSE: XEC). The purchase marks the first collaboration between GE and Casillas Petroleum. Financial details were not disclosed.
The assets include more than 500 producing wells spread across 14 counties in Kansas. Tulsa-based Casillas Petroleum will operate the properties and serve as the general partner of the partnership. GE Energy Financial Services will be the sole limited partner and will provide both acquisition and development capital to help grow the partnership’s reserves.
Greg Casillas, president of Casillas Petroleum, said, “Our investment with GE allows us to grow our business through a high-upside oil and gas field acquisition, while maintaining the financial flexibility to continue to drill new wells.”
Ray Edgar, managing director and leader of the Oil and Gas team at GE Energy Financial Services, added, “Our partnership with Casillas Petroleum is another example of helping customers and GE grow through profitable investments in long-lived assets.”
Since 1991, GE Energy Financial Services’ Oil and Gas team has provided more than $4 billion in partnership equity for its independent private and public oil and gas partners-operators in the United States. Based in Stamford, Connecticut — with an office in Houston — the Oil and Gas team is active in all major onshore basins and in shallow water Gulf of Mexico. Its 25 partnership investments own interests in more than 3,000 wells that produce an estimated 11,000 barrels of oil equivalent daily.