One-Page Deal Sheet
Vess Oil Eyes Woodbine Oil Reserve Package, Acreage
GE Energy Financial Services, Vess Oil Corporation Enervest Ltd.
Announced Date
January 08,2014
Transaction Type
Asset
Net Acres
Location
Calculated Metrics( EV/Category)
Region
Gulf Coast - Southeast Texas
Country
United States
State
Texas
Play
Calculated Metrics( EV/Category)
Transaction Details: Require Private Equity Subscription
GE Energy Financial Services has formed its third partnership with a Vess Oil Corp. affiliate to purchase oil reserves in East Texas for $108 million.
The partnership is acquiring approximately 13,000 net acres and associated Woodbine production from an affiliate of EnerVest, Ltd. The assets are located approximately 20 miles northeast of College Station in Brazos, Madison and Grimes counties, and the target zones are the existing Woodbine and prospective Eagle Ford formations.
GE Energy Financial Services invested $77 million for a majority stake and limited partner role, with a Vess Oil…
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