KKR Natural Resources acquires ConocoPhillips properties
Kohlberg Kravis Roberts & Co. (together with its affiliates, “KKR”) announced today that KKR has acquired certain Barnett Shale properties (the “Assets”) from ConocoPhillips. Following the $40mm acquisition of Southeast Texas oil and gas assets in November, the transaction is the second investment made by KKR Natural Resources (the partnership between KKR and Premier Natural Resources that was formed to pursue investments in North American oil and gas properties).
Located in North Central Texas and producing out of the Barnett Shale formation, the Assets contain 93bcfe of total net proved reserves (based on a third party estimate) of which over 90% are proved developed producing (“PDP”).
“With a high PDP reserve component in a well known reservoir, these assets are precisely the types of properties KKR Natural Resources was designed to pursue. We are excited about these assets and continue to be excited about the opportunity to acquire additional oil and gas properties in North America,” said Jonathan Smidt, a Member at KKR and a senior member of KKR’s Energy and Infrastructure business.
KKR announced its partnership with Premier Natural Resources (“Premier”) in February, 2010. Founded in June 2006 by former executives of Vintage Petroleum, Inc., Premier currently operates a portfolio of assets located in the Texas Gulf Coast and the Permian Basin and has experience operating assets in most of the major producing basins in the United States.
KKR has been investing in the energy sector for more than twenty years, and today KKR's energy business spans the globe and covers the full energy supply chain. KKR's recent oil and gas transactions include Hilcorp Resources and East Resources as well as the formation of a partnership with RPM Energy.
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