Tandem Energy to become Platinum Energy unit

Jan. 27, 2006
Tandem Energy Holdings Inc., Midland, Tex., has agreed to sell its subsidiary Tandem Energy Corp. to recently formed acquisitions firm Platinum Energy Resources Inc., Montvale, NJ, for $105 million in cash and fees.

By OGJ editors
HOUSTON, Jan. 27 -- Tandem Energy Holdings Inc., Midland, Tex., has agreed to sell its subsidiary Tandem Energy Corp. to recently formed acquisitions firm Platinum Energy Resources Inc., Montvale, NJ, for $105 million in cash and fees.

Tandem Energy Holdings has estimated proved reserves of 8.849 million boe, about 64% of which is crude oil and 36% natural gas, and 16 million boe of probable reserves, primarily in Texas and New Mexico. Tandem Energy Corp., which will become a wholly owned subsidiary of Platinum Energy, owns the assets.

The transaction is expected to close in the second quarter.