TULSA, Okla.--(BUSINESS WIRE)--GE unit (NYSE:GE) GE Energy Financial Services has partnered with Casillas Petroleum Corp. to purchase oil and gas reserves in southwest Kansas from Cimarex Energy Co. (NYSE: XEC). The purchase marks the first collaboration between GE and Casillas Petroleum. Financial details were not disclosed.
The assets include more than 500 producing wells spread across 14 counties in Kansas. Tulsa-based Casillas Petroleum will operate the properties and serve as the general partner of the partnership. GE Energy Financial Services will be the sole limited partner and will provide both acquisition and development capital to help grow the partnership’s reserves.
Greg Casillas, president of Casillas Petroleum, said, “Our investment with GE allows us to grow our business through a high-upside oil and gas field acquisition, while maintaining the financial flexibility to continue to drill new wells.”
Ray Edgar, managing director and leader of the Oil and Gas team at GE Energy Financial Services, added, “Our partnership with Casillas Petroleum is another example of helping customers and GE grow through profitable investments in long-lived assets.”
Since 1991, GE Energy Financial Services’ Oil and Gas team has provided more than $4 billion in partnership equity for its independent private and public oil and gas partners-operators in the United States. Based in Stamford, Connecticut – with an office in Houston – the Oil and Gas team is active in all major onshore basins and in shallow water Gulf of Mexico. Its 25 partnership investments own interests in more than 3,000 wells that produce an estimated 11,000 barrels of oil equivalent daily.
About Casillas Petroleum
Casillas Petroleum Corp., “CPC”, is a closely held privately owned company with an enthusiastic devoted team of dedicated professionals. They are committed to the further development of domestic oil and gas reserves through exploration and development of drilling projects as well as acquisitions of existing producing assets within the Mid-Continent region of the United States.
CPC has been engaged in the oil and gas industry since 1986 with its corporate headquarters in Tulsa, Oklahoma, and field offices located in Nash, Oklahoma as well as Lindsey, Oklahoma. Current assets exceed 950 producing leases and over 2,000 barrels of oil equivalent per day, within 5 states in the Mid-Continent Region.
About GE Energy Financial Services
GE Energy Financial Services—GE’s energy investing business—works as a builder, not just a banker, to help meet the world’s power and fuel needs. We offer more than money—expertise—for essential, long-lived and capital-intensive power, oil and gas infrastructure—GE’s core business. Drawing on GE’s energy technical know-how, financial strength and risk management, we see value where others don’t and take on our customers’ toughest challenges with flexible equity and debt transaction structures. Based in Stamford, Connecticut, GE Energy Financial Services holds approximately $16 billion in assets. More information: www.geenergyfinancialservices.com. Follow GE Energy Financial Services on Twitter: @GEEnergyFinServ
GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.