Legend Natural Gas IV has signed two definitive purchase agreements to acquire oil and gas-producing assets in the US for a total combined value of about $1bn.
Legend Natural will acquire Barnett Shale properties from Range Resources’ subsidiary for $900m, which includes 390 producing wells and a 210km² area.
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The current production capacity of Barnett properties is 113mcfe per day, containing 86% gas.
The firm will also acquire a majority interest in the Samano and Santa Fe Vicksburg fields in Starr and Hidalgo counties from Smith Production for $99.2m.
The properties include 83 operated wells, which currently produce 8.8mcfe per day net, containing 65% gas and a 29km² area.
Riverstone / Carlyle Global Energy and Power Funds, a group of energy-focused private equity funds managed by Riverstone Holdings, will provide equity for the partnerships.
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By GlobalData
