Samedan buys interests in 110 US Gulf Coast wells from Aspect Energy

Samedan Oil Corp. has bought an interest in 110 wells on the US Gulf Coast from Aspect Energy for $85 million. Noble Affiliates Inc., Samedan's parent company, also acquired a 50% stake in Aspect Resources LLC, which holds Aspect Energy's drilling prospects in the region, for $40 million.

By the OGJ Online Staff

HOUSTON, Dec. 13 -- Samedan Oil Corp., Houston, has acquired stakes in 110 wells along the Texas and Louisiana Gulf Coast from Aspect Energy, Denver, for $85 million.

The proved reserves of those wells are 59 bcfe. The price is $55 million in cash, $15 million in stock, and $15 million in net assumed liabilities.

Noble Affiliates Inc., Samedan's parent company, also acquired a 50% stake in Aspect Resources LLC, which holds Aspect Energy's drilling prospects in the region, for $40 million.

The acquisition will total 166 bcfe of risked resources net to Noble, which also will pay another $55 million to help fund Aspect's portion of drilling costs over the next 2 years.

Noble expects to become the operator of all the properties operated by Aspect. It will keep Aspect Resources' existing staff in Denver and add some of its own staff.

Charles Davidson, chairman, president, and CEO of Noble Affiliates, said, "Aspect's technical staff, seismic database and land position are highly complementary to Noble's and will allow us to heavily focus in an area where we have been actively exploring. The agreement we have reached with Aspect results in an immediate 50% increase in our domestic onshore production while also adding a portfolio of drilling opportunities that should allow us to grow production in this area for several years."

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