Marathon Oil in $750m Eagle Ford splash
Bill Lehane 09 May 2012 14:15 GMT
The US independent will pay in cash for the acquisition, which is expected to close subject to approvals in the third quarter.
Paloma II owns roughly 17,000 net acres in the Eagle Ford shale play, primarily in Karnes and Live Oak counties.
Net production at the properties as of 1 April was around 7000 barrels of oil equivalent per day.
Paloma II’s principal shareholders are Paloma Resources, Encap Energy Capital Fund VII and Macquarie Americas Corporation.
Marathon Oil has previously flagged its intentions to hone in the Eagle Ford, telling the Howard Weil conference earlier this year it would ramp up activity in the oil window of the South Texas shale play.
The Eagle Ford is a key plank of the New York-listed outfit’s $4.82 billion capital expenditure budget for this year.
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Posted on May 9, 2012, in AMERICAS, Eagle Ford Shale, North America, Oil & Gas - inland, South Texas, United States and tagged ConocoPhillips, Eagle Ford, Eagle Ford Formation, Encap Energy Capital Fund VII, Houston, Macquarie Americas Corporation, Marathon Oil, Paloma II, Paloma Resources, principal shareholders, South Texas. Bookmark the permalink. Comments Off on Marathon Oil in $750m Eagle Ford splash.