ARCADIA NEWS

Oil and Gas Investor - "Magnolia Petroleum Purchases Famcor Oil's Assets"

See the following article published here by Oil and Gas Investor:

Magnolia Petroleum Co., a Dallas-based partnership of Burnett Petroleum Co. and private-equity firm CIC Partners, has purchased the assets of Famcor Oil Inc., a Houston based oil and natural gas E&P.

The purchase includes 70 operated wells in San Jacinto, Liberty, Montgomery and Polk counties, Texas. The deal’s price was not disclosed.

As of March, Famcor had gross operated production of 1,057 barrels of oil equivalent per day (boe/d) of which 72% was oil, from multiple formations including the Cockfield, Yegua and Wilcox, according to TGS data. Two-thirds of the wells and more than half of the production are in Polk County.

Arcadia Operating LLC acquired a minority interest and will oversee all operations.

Magnolia Petroleum was formed in 2012 to acquire operated Gulf Coast properties. Burnett Petroleum and affiliates own stakes in 425 plus producing wells in Texas, Arkansas, Louisiana, New Mexico, Mississippi, and Oklahoma with plans in place to have an active Exploration and Development Program in Kansas.

The acquired assets line up well for Magnolia Petroleum’s ambitions and scope of operations in the region, said Kyle Burnett, CEO and president.

The assets represent “a step towards the significant growth that [they] hope to achieve in the following months,” Burnett said.

Burnett said both Magnolia and Burnett Petroleum intend to continue efforts to acquire quality assets located in the U.S. Lower 48 that insure increased value for their companies and partners while expanding their operating footprint within their Areas of Focus.

Rigzone - Magnolia Petroleum Acquires Assets from FamCor Oil

See the following article originally published here by Rigzone:

Dallas-based Magnolia Petroleum Company, a partnership of Burnett Petroleum Company and private equity firm CIC Partners, has acquired all assets of Houston-based E&P (exploration and production) company Famcor Oil, Inc.

Magnolia was formed in 2012 to acquire Gulf Coast properties. With the deal, Magnolia will acquire 70 operated wells in San Jacinto, Liberty, Montgomery and Polk counties. Arcadia Operating, LLC, an independent company headquartered in Dallas, acquired minority interest and will oversee all operations.

Famcor’s assets “align well with [Magnolia Petroleum’s] existent scope of operations and holdings in the region and represent a step towards the significant growth that [they] hope to achieve in the following months,” Kyle Burnett, CEO and president of Magnolia Petroleum Company, stated in a release.

Burnett said Magnolia and Burnett have future plans to acquire more quality assets located in the U.S. Lower 48 and expand their operating footprints within their areas of focus.

Magnolia declined to disclose the monetary amount of the acquisition.

Oil & Gas Journal - "Magnolia Petroleum acquires assets from Famcor Oil"

See the following article published here by Oil & Gas Journal

Houston, TX (June 29, 2016): Magnolia Petroleum Co., a Dallas-based partnership of Burnett Petroleum Co. (BPC) and private equity firm CIC Partners, has acquired all of the assets of Famcor Oil Inc. Houston. 

The acquisition includes 70 operated wells in San Jacinto, Liberty, Montgomery, and Polk counties. BPC affiliate Arcadia Operating LLC acquired a minority interest and will oversee all operations. 

As of March, Famcor held gross operated production of 1,057 boe/d, 72% of which was oil, from multiple formations including the Cockfield, Yegua, and Wilcox, according to TGS data. Two thirds of the wells and more than half of the production were in Polk County. 

Magnolia was formed in 2012 to acquire operated Gulf Coast properties. BPC and affiliates own stakes in more than 425 producing wells in Texas, Arkansas, Louisiana, New Mexico, Mississippi, and Oklahoma.

PLS Journal - "Burnett affiliate buys Famcor's assets in southeast Texas"

See the following article published here by PLS Journal:

Magnolia Petroleum
, a Dallas-based partnership of Burnett Petroleum and PE firm CIC Partners, acquired the assets of Houston-based Famcor Oil. The purchase includes 70 operated wells in San Jacinto, Liberty, Montgomery and Polk counties. Burnett affiliate Arcadia Operating acquired a minority stake and will oversee operations. As of March, Famcor had gross operated production of 1,057 boe/d (72% oil) from multiple formations including the Cockfield, Yegua and Wilcox, according to TGS data. Two-thirds of the...

The article was originally published by PLS A&D Transaction Journal, June 14, 2016, Volume 27, No. 9.