By OGJ editors
HOUSTON, Mar. 4 -- An affiliate of two private equity funds completed the purchase of Mariner Energy LLC, Houston, from an affiliate of Enron Corp.
Affiliates of Carlyle/Riverstone Global Energy & Power Fund II now own 67% of the equity interests of Mariner Energy LLC, and affiliates of Acon Investments LLC hold 33%. Seller was Enron affiliate Joint Energy Development Investments LP.
Union Bank of California and BNP Paribas led a group of banks that provided debt financing for the transaction, valued at $271.1 million. US Bankruptcy Court approved the deal.
Mariner Energy LLC is the parent of Mariner Energy Inc., which operates in the Gulf of Mexico and West Texas. About 60% of Mariner's 2003 yearend reserves of 200 bcfe are in the gulf. The company produces 77 MMcfd of gas and 7,100 b/d of oil.
Mariner will continue to partner with other E&P companies to explore onshore, on the shelf, and opportunistically in the deepwater gulf. Current management will continue to operate Mariner.
