GE Energy investing in oil, gas reserves
GE Energy Financial Services and two oil and gas companies are investing in two separate purchases of Oklahoma and Texas oil and gas reserves.
By OGJ editors
HOUSTON, May 9 -- GE Energy Financial Services and two oil and gas companies are investing in two separate purchases of Oklahoma and Texas oil and gas reserves.
Bays Exploration Inc. of Oklahoma City and GE Energy agreed to acquire oil and gas reserves in western Oklahoma for $79 million. In addition, GE Energy plans to invest up to $60 million to develop the reserves.
Southern Bay Energy, a subsidiary of GeoResources Inc. of Houston, and GE Energy agreed to acquire oil and gas properties in the Austin Chalk trend of East Texas for $75 million. GE Energy plans to invest an additional $27 million to develop these properties.
Additional financial and operational details of the two transactions were not disclosed. An affiliate of GE Energy holds limited partnership interests in two separate partnerships, with Bays Exploration and an affiliate of Southern Bay Energy serving as general partners of the two entities and operators of the respective properties.
Since 1991, GE Energy has provided $2.75 billion in partnership equity for its independent private and public oil and gas companies in the US.