Blue Whale Energy North America Announces Purchase of Permian Basin Assets for $1.084 Billion USD

November 30, 2015 05:52 PM Eastern Standard Time

HOUSTON--(BUSINESS WIRE)--Blue Whale Energy North America (“Blue Whale”) announced the closing of a transaction with Tall City Exploration LLC and Plymouth Petroleum LLC, both private companies, on behalf of Moss Creek Resources, LLC, for assets located in Howard and Borden County, Texas valued at $1.084 Billion USD. With an effective date of April 1, 2015, the assets purchased consist of approximately 6,000 BOEPD of net production and over 78,000 net acres. The acquired properties will be operated by Surge Energy Operating, an operating company based in Houston, Texas.

In addition to the Moss Creek deal, Blue Whale closed a transaction in April 2015 with Juno Energy II, a private company, for $315 Million USD on behalf of Surge Energy America, LLC. These assets consist of approximately 2500 BOEPD and over 7,100 net acres in Crosby County, Texas on the northern edge of the Permian Basin. The Surge Energy transaction combined with the Moss Creek transaction brings Blue Whale’s total acquisitions for 2015 to $1.4 Billion USD and 85,000 net acres in the Permian Basin.

Blue Whale Energy North America, led by Curtis Newstrom as President & CEO, is a US subsidiary of Blue Whale Energy Limited, an energy investment company based in Beijing, China and is engaged in the acquisition of upstream oil and gas properties in the United States and Canada. Acquisitions are primarily focused on oil weighted properties with a strong cash flow profile which provides funding for future Exploration and Production capital projects. Blue Whale is a Houston, Texas based acquisitions team with strong technical backgrounds and ties throughout the oil and gas industry in both the United States and Canada. For more information about Blue Whale, please see our website at www.bluewhalena.com.