Oklahoma City-based Warwick Energy entered an agreement in early April to acquire R/C Sugarkane LLC, an Eagle Ford upstream oil and gas company. Warwick is buying R/C Sugarkane from Riverstone Holdings, LLC, a New York-based private equity firm, for an undisclosed amount.
The deal includes RC Sugarkane's non-operated working interests in 6,000 net Eagle Ford acres, with 3,000 boe/d in net production. The primary operator for the acreage is Conoco Phillips. Riverstone managed its investment in partnership with Houston-based Texas Crude Energy Inc.
“The R/C SugarKane assets are world-class oil and gas properties located in the core of the Eagle Ford Shale. The Warwick team is excited to build on the value created by Riverstone, Texas Crude and ConocoPhillips in this field. The acquisition of these assets is part and parcel to our core strategy of acquiring, consolidating and developing long lived US gas reserves, primarily in unconventional reservoirs.”
Riverstone acquired R/C Sugarkane in March 2010. The Warwick-R/C Sugarkane transaction is expected to close in early May.Warwick owns interests in over 5,000 wells in 13 states and is focused on on US natural gas and oil acquisition, exploration and production.
Read more at warwick-energy.com