HOUSTON (AP) - GE Energy Financial Services, a unit of conglomerate General
Electric Co., said Monday it will partner with GeoResources Inc. to invest up to
$90.5 million to acquire and develop oil and gas reserves in Oklahoma.
GeoResources is an exploration and production company based in Houston. The
GE unit has partnered with the company before.
The new partnership, OKLA Energy Partners LP, will acquire 82 percent of the
reserves from a group of private sellers. A subsidiary of GeoResources will buy
the remaining 18 percent.
The deal includes more than 200 producing wells in Oklahoma and more than 90
locations mostly classified as proved undeveloped.
The two companies agreed to acquire the reserves for $60.5 million and
invest up to $30 million to develop more reserves.
GE Energy Financial Services is investing 98 percent as a limited partner in
OKLA Energy Partners and GeoResources is investing 2 percent as general partner
and operator.
The acquisition is expected to close this month.
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