Templar Energy to acquire Granite Wash assets for $588 million

Templar Energy LLC, Oklahoma City, has agreed to purchase Granite Wash assets from Newfield Exploration Co., Houston, for $588 million, effective July 1. The deal is expected to close in the third quarter.

The assets consist of 42,000 net acres with current net production of 65 MMcfd of natural gas equivalent, 60% of which is gas. Proved net reserves from the acreage totaled 38 million boe at yearend 2013.

Templar, an exploration and production company formed by First Reserve Corp. in 2012, previously acquired 7,000 net acres in Ellis and Roger Mills counties, Okla. (OGJ Online, Jan. 14, 2013); and assets in the Texas Panhandle from Forest Oil Corp. for $1 billion (OGJ Online, Oct. 4, 2013).

Larry Massaro, Newfield executive vice-president and chief financial officer, described the deal as consistent with the underlying objectives of his company’s 3-year plan.

“Today’s sale further demonstrates our willingness to monetize nonstrategic assets, high-grade our portfolio, accelerate our domestic growth programs, and strengthen our balance sheet,” he said.

Newfield also is in the process of completing repairs to its Pearl facility in the South China Sea. The topsides, near Hong Kong, were recently loaded on a barge and installation remains on schedule, pending weather conditions over the next month, the company reported.

Production is expected to begin in the fourth quarter, with gross facility capacity of 40,000 b/d of oil gross. Newfield says it intends to monetize its business in China.

Related Articles

Market watch: Energy futures prices rose slightly Friday

05/06/2002 Crude oil futures prices rose slightly Friday amid lingering uncertainty about a possible disruption of Middle East supplies, although tensions in ...

Gulf of Mexico oil service sector showing signs of an upturn

05/06/2002 The Gulf of Mexico oil service sector is experiencing the signs of an upturn, analysts with Simmons & Co. International, UBS Warburg LLC, and RBC D...

OTC: Industry, national agencies need to work together to make FPSOs work in the gulf

05/06/2002 Over the coming years, the oil and gas industry will have to keep an open line of communication with national agencies such as the US Coast Guard a...

Market watch: Energy futures prices fall as Iraq lifts embargo

05/07/2002 Crude oil futures prices fell Monday after Iraq announced plans to lift a self-imposed export embargo with exports expected to resume by Wednesday.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected