Marathon Oil Corp. will buy Eagle Ford shale play participant Paloma Partners II LLC, Houston, for $750 million, Paloma Partners said.
The purchase is effective Apr. 1 subject to closing terms and conditions, and closing is expected in the third quarter of 2012.
Paloma II owns about 17,000 net acres mainly in Karnes and Live Oak counties, Tex. Net production as of Apr. 1 was 7,000 b/d of oil equivalent.
Paloma II is a privately held acquisition and exploration and production company. Main shareholders are Paloma Resources LLC, Encap Energy Capital Fund VII LP, and Macquarie Americas Corp.