STAMFORD, Conn.--(BUSINESS WIRE)--Castleton Commodities International LLC (“CCI” or the “Company”) announced that it has acquired, through its subsidiaries, the Paradox Basin Upstream and Midstream Assets (together, the “Paradox Assets”) of Patara Oil & Gas LLC (“Patara”).
The Paradox Assets consist of 180 oil and gas wells and 150,000 net acres in mineral leases providing a significant proved reserve base as well as a midstream gas processing facility and a 262-mile gas gathering system. The Paradox Assets are located in the four corners region of Utah and Colorado. As part of the acquisition, CCI is establishing a Denver office which will include taking on Patara’s veteran team of technical, operating, and management personnel. CCI will operate all of the Paradox Assets.
“This acquisition exemplifies our investment philosophy of focusing on quality assets that complement our existing merchant activities and build upon our long and successful track record in the energy sector,” said William C. Reed II, President and Chief Executive Officer of CCI. “The Paradox Assets represent the first platform investment in a broader effort, led by Charles Chambers, to pursue attractive opportunities in the upstream natural gas sector. CCI is excited about adding this experienced and successful group of professionals to Charlie’s team to further our initiatives.” The CCI team has an established history of successful development and operation of assets having managed a large portfolio of energy related assets for several years before their sale in 2011.
About Castleton Commodities International LLC
CCI (formerly Louis Dreyfus Highbridge Energy) is a global commodities merchant with an integrated set of operations consisting of the marketing and merchandising of commodities and the ownership, operations, and development of commodities-related upstream and infrastructure assets. The Company markets a broad range of physical commodities including natural gas, natural gas liquids, refined products, crude oil, fuel oil, freight, petrochemicals, electric power and coal and financial instruments related to commodities. CCI is headquartered in Stamford, Connecticut, with offices in Houston, Texas; Calgary, Canada; Lausanne, Switzerland; Shanghai, China; Singapore; and Uruguay.
CCI benefits from a rich history in commodities investing as well as a distinct culture of excellence. On December 31, 2012, the company was purchased by DF Energy Acquisition LLC, a private investment vehicle owned by Glenn Dubin, and a group of independent private investors representing some of the most sophisticated, experienced and respected minds in global finance and industry and renamed Castleton Commodities International LLC.
Patara Oil and Gas LLC
Patara Oil & Gas LLC engages in the acquisition, development and production of natural gas and crude oil properties. Patara is backed by Jefferies Capital Partners, Troika Resources Investment PEF, and GE Asset Management.