HI dogger not us mate, the Magnolia petroleum name has a long history and it seems the name has been regurgitated for prestige, the original Company became Mobil oil and exxon but the logo of this co is very similar to the original one without the flying horse and appears to be a partnership (llc) between CIC partners and Burnett Petroleum Co. of Texas. The dealings of which will be fairly confidential ,Kyle Burnett is the CEO and president and also partner at CIC.
Burnett said Magnolia and Burnett have future plans to acquire more quality assets located in the U.S. Lower 48 and expand their operating footprints within their areas of focus.
Magnolia declined to disclose the monetary amount of the acquisition.
June 9, 2016 – Dallas, TX: CIC Partners ("CIC"), a Dallas-based private equity firm, is pleased to announce a follow on acquisition for its portfolio company, Magnolia Petroleum Company ("Magnolia" or the "Company"). CIC's follow on investment, made in concert with Magnolia CEO and President and CIC Operating Partner Kyle Burnett, will facilitate the acquisition of over 50 operated properties from Famcor Oil in San Jacinto and Polk County. Based in Dallas, Texas, Magnolia is an oil and gas acquisition and production company targeting developments in South and East Texas.
I got the following on my google alert this morning.....so which Magnolia Petroleum is this ??
Magnolia Petroleum Co., a Dallas-based partnership of Burnett Petroleum Co. and private-equity firm CIC Partners, has purchased the assets of Famcor Oil Inc., a Houston based oil and natural gas E&P.
The purchase includes 70 operated wells in San Jacinto, Liberty, Montgomery and Polk counties, Texas. The deal’s price was not disclosed.
As of March, Famcor had gross operated production of 1,057 barrels of oil equivalent per day (boe/d) of which 72% was oil. from multiple formations including the Cockfield, Yegua and Wilcox, according to TGS data. Two-thirds of the wells and more than half of the production are in Polk County.
Arcadia Operating LLC acquired a minority interest and will oversee all operations.
Magnolia Petroleum was formed in 2012 to acquire operated Gulf Coast properties. Burnett Petroleum and affiliates own stakes in 425 plus producing wells in Texas, Arkansas, Louisiana, New Mexico, Mississippi, and Oklahoma with plans in place to have an active Exploration and Development Program in Kansas.
Morning Robsky yep we are all becalmed just nothing moving. don't think there will be much change until Rita has spoken about the magic 10 if its still happening ??? Plus who will run the USA from November .
Obviously our fellow country me in Aberdeen have lost 90% + of production but I have seen a bit on the short fall of production will be coming! but that will not help us now ;-( . they only thing to say is yippee for IRV doubled money there since the vote and more to come hopefully :-0.
Anyway last week of school holidays down here is sunny Harwich so of to the beach as no more barnacles on the old girls bottom to scrap off.
Morning GD for the lack of anything else to post here is another oil article for you
What Hubbert And Pickens Got Right About Oil, And What's Next
When a barrel of crude oil hit $145 in July of 2008, no one predicted that 8 years later it would be trading at less than $50. T. Boone Pickens, among other oil pros, has predicted that oil can now go to $175 under certain conditions first described by Marion Hubbert. Bruce Pile explains what the non-geologist experts are missing, and tells us what he is waiting to see before committing capital to the best values in the energy sector.
Aramco is a state run company, meaning they run the government with their oil profit. They need $80 oil or they must cut government and risk unrest or dip into their cash reserves of $750 billion built from $100 oil. In the current price melt, they are burning that reserve at $6 billion a month. The Saudis are limited time-wise.
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