STAMFORD, Conn.--Wednesday, February 10, 2010-- GE Energy Financial Services, a unit of GE (NYSE: GE), announced today that it has formed partnerships to acquire West Texas natural gas and North Dakota oil and gas reserves for a total of nearly $200 million.
In the first transaction, GE Energy Financial Services formed a partnership with independent oil and gas company Marlin Energy LLC. Their new alliance, Marlin Permian, LP, acquired natural gas reserves in West Texas from an undisclosed seller for $65 million. GE Energy Financial Services will serve as limited partner. Marlin Energy, based in Lafayette, LA, will serve as both general partner of the partnership and operator of the assets.
In the second transaction, GE Energy Financial Services has formed a partnership with Sequel Energy, LLC to acquire oil and gas reserves in the Williston Basin of North Dakota from Denver-based St. Mary Land & Exploration Company (NYSE: SM) for $137 million. GE Energy Financial Services will serve as the limited partner, with Sequel -- also based in Denver -- serving as general partner and operator.
John Schaeffer, Managing Director and head of the oil and gas unit at GE Energy Financial Services, said: "GE Energy Financial Services' oil and gas partnership structure will help both Marlin and Sequel realize maximum potential from their respective acquisitions."
Additional financial and operational details of the transactions were not disclosed.
Since 1991, GE Energy Financial Services' Oil and Gas team has provided more than $3 billion in partnership equity for its independent private and public oil and gas partner-operators in the United States. Based in Stamford, Connecticut -- with an office in Houston -- the Oil and Gas unit is active in all major onshore basins and in shallow water Gulf of Mexico. Its 22 partnership investments own interests in more than 3,000 wells that produce an estimated 26,000 barrels of oil equivalent daily.
About GE Energy Financial Services
GE Energy Financial Services' experts invest globally with a long-term view, backed by the best of GE's technical know-how, financial strength and rigorous risk management, across the capital spectrum, in one of the world's most capital-intensive industries, energy. GE Energy Financial Services helps its customers and GE grow through new investments, strong partnerships and optimization of its $23 billion in assets. GE Energy Financial Services is based in Stamford, Connecticut. For more information, visit www.geenergyfinancialservices.com.
About GE
GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world's toughest challenges. From aircraft engines and power generation to financial services, medical imaging, and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
Andy Katell
GE Energy Financial Services Senior Vice President Communications
[email protected]
1-203-961-5773