PetroPoint Energy Partners Acquires South Texas Oil & Gas Properties.
HOUSTON, Aug. 6, 2012 — PetroPoint Energy Partners, LP, today announced the purchase of conventional oil and gas properties in the Lobo and Olmos areas of South Texas from Rosetta Resources Operating LP for $95 million subject to closing adjustments and the receipt of required consents for assignment. On March 23, 2012, the Company closed on over 70% of the properties and on June 29, 2012 the Company closed on an addition 25%. The remaining properties under the agreement are anticipated to close in the third quarter of 2012.
George Laflin, Pinpoint Energy Partners, LP’s President and Chief Executive Officer, stated, “These assets are on concentrated acreage positions held by production. They fit our strategy to provide stable cash flow due to their long life, low decline rates and a suitable inventory of recompletions and low risk new drilling opportunities.”
About Pinpoint Energy Partners
Pinpoint Energy, formed in 2011, by founders George Laflin, Jim Troxel, Bryan Simmons and Steve Hochstein is a Delaware limited partnership. The Company currently pursues a strategy to acquire and exploit mature conventional onshore assets in North America with lower risk and steady cash flow. The Company’s principal owner is American Infrastructure MLP Funds, a private equity firm investing in real property, infrastructure and natural resource related companies. Their innovative strategy is designed to provide unique advantages for the owners, management teams and businesses in which they invest while creating attractive returns and tax-advantaged current income for their investors. For more information visit our website at www.peplp.com.
Pinpoint Energy Partners, LP
Jim Troxel, Executive Vice President Business Development
Media Contact: Jim Troxel, Petropoint Energy Partners LP, 7132537050, firstname.lastname@example.org
SOURCE Petropoint Energy Partners LP