Marathon Oil Corp. will buy Eagle Ford shale play participant Paloma Partners II LLC, Houston, for $750 million, Paloma Partners said.
The purchase is effective Apr. 1 subject to closing terms and conditions, and closing is expected in the third quarter of 2012.
Paloma II owns about 17,000 net acres mainly in Karnes and Live Oak counties, Tex. Net production as of Apr. 1 was 7,000 b/d of oil equivalent.
Paloma II is a privately held acquisition and exploration and production company. Main shareholders are Paloma Resources LLC, Encap Energy Capital Fund VII LP, and Macquarie Americas Corp.
Alan Petzet | Chief Editor Exploration
Alan Petzet is Chief Editor-Exploration of Oil & Gas Journal in Houston. He is editor of the Weekly E&D Newsletter, emailed to OGJ subscribers, and a regular contributor to the OGJ Online subscriber website.
Petzet joined OGJ in 1981 after 13 years in the Tulsa World business-oil department. He was named OGJ Exploration Editor in 1990. A native of Tulsa, he has a BA in journalism from the University of Tulsa.
