Oklahoma City-based independent Templar Energy LLC has acquired oil and gas assets in the Texas Panhandle from Forest Oil Corp. for $1 billion.
Templar’s wholly owned subsidiary Le Norman Operating LLC will operate the assets, which have produced 100 MMcfe/d so far in 2013 and have proved reserves of 517 bcfe as of Dec. 31, 2012, Forest said. Forest said it intends to use the proceeds mainly to reduce debt and enhance financial flexibility.
Forest said the divestiture allows the company to focus on its core Eagle Ford shale assets.
First Reserve Corp. invested in Templar in December 2012. A month later, Templar made its first acquisition of 7,000 net acres in Ellis and Roger Mills counties in Oklahoma with average production of 1,500 boe/d (OGJ Online, Jan. 14, 2013).