TULSA, OK, Aug 5, 2014 —
GE unit (NYSE: GE) GE Energy Financial Services has partnered with Casillas Petroleum Corp. to purchase oil and gas reserves in southwest Kansas from Cimarex Energy Co. (NYSE: XEC). The purchase marks the first collaboration between GE and Casillas Petroleum. Financial details were not disclosed.
The assets include more than 500 producing wells spread across 14 counties in Kansas. Tulsa–based Casillas Petroleum will operate the properties and serve as the general partner of the partnership. GE Energy Financial Services will be the sole limited partner and will provide both acquisition and development capital to help grow the partnership’s reserves.
Greg Casillas, president of Casillas Petroleum, said, “Our investment with GE allows us to grow our business through a high–upside oil and gas field acquisition, while maintaining the financial flexibility to continue to drill new wells.”