By OGJ editors
HOUSTON, Jan. 27 -- Tandem Energy Holdings Inc., Midland, Tex., has agreed to sell its subsidiary Tandem Energy Corp. to recently formed acquisitions firm Platinum Energy Resources Inc., Montvale, NJ, for $105 million in cash and fees.
Tandem Energy Holdings has estimated proved reserves of 8.849 million boe, about 64% of which is crude oil and 36% natural gas, and 16 million boe of probable reserves, primarily in Texas and New Mexico. Tandem Energy Corp., which will become a wholly owned subsidiary of Platinum Energy, owns the assets.
The transaction is expected to close in the second quarter.