Exploration & Production | Deals - Joint Ventures
Carrizo, Haimo Ink $27.5 Million Niobrara JV
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Carrizo Oil & Gas, Inc. has entered into an agreement to form a new joint venture in the Niobrara play with Haimo Oil & Gas LLC, a subsidiary of Lanzhou Haimo Technologies Co. Ltd., a company formed under the laws of the People's Republic of China.
Pursuant to the agreement, Haimo will acquire an undivided interest in approximately 6,000 net acres located primarily in Weld and Adams Counties, Colorado along with associated infrastructure and production of approximately 185 Boe/day for an all-cash payment of $27.5 million, subject to customary closing conditions (including Chinese government approvals), and purchase price adjustments.
The sale of the property will be effective as of October 1, 2012, the same effective date as in Carrizo's separate Niobrara joint venture agreement with OIL…
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