Beryl Oil & Gas Acquires Noble Energy’s Shallow Water Gulf of Mexico Assets
HOUSTON,
TEXAS (July 2006) – Beryl Resources LP (formerly known as Coldren Oil
& Gas Company LP) (“Beryl” or the “Company”) and SPN Resources,
LLC, said that it closed today on the $625 million purchase of Noble
Energy, Inc.’s Gulf of Mexico shelf assets (the “Assets”). The sales
price is subject to adjustments from the effective date of March 1,
2006 to the closing date. SPN Resources, LLC is a subsidiary of
Superior Energy Services, Inc.
“The acquisition is a
significant step in Beryl’s growth,” said Stuart Burbach, the President
and CEO of Beryl. “Partnering with SPN Resources, LLC to acquire and
fully exploit the Assets, in addition to originating an inventory of
development and exploration drilling opportunities presents a
formidable challenge that our team is enthused to take on.”
The
Assets span the entire Gulf of Mexico shelf waters and consist of
approximately 725,000 gross (423,000 net) leasehold acres, comprise
proved reserves of 142.8 billion cubic feet of natural gas equivalents
(“Bcfe”), daily production of 100 million cubic feet of gas equivalents
(75% gas, 59% operated), 54 fields, 150 platforms, and 490 active
wells. 86% of the reserves were PDP and PBP, but significant further
development opportunities are estimated at more than 90 Bcfe.
First
Reserve Corporation leads the investor group of Beryl. Subsequent to
closing, Beryl expects to relocate its headquarters from New Orleans,
Louisiana to Houston, Texas. SPN Resources, LLC has acquired a 40%
interest in Beryl Resources LP.
Certain statements in this press
release include statements that may constitute "forward-looking"
statements, usually containing the words "believe," "estimate,"
"project," "expect," "plan," "should" or similar expressions. These
statements are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements inherently involve risks and uncertainties that could cause
actual results to differ materially from the forward-looking statements.
Contact for Beryl Resources LP: Craig E. Saparito Chief Financial Officer 281-408-1666 csaparito@beryloil.com
Contact for Quintana Capital Group, L.P.: Loren Soetenga Chief Operating Officer 713-751-7527 loren@qeplp.com
