Blue Water Energy Partners with Apex International Energy
Apex International Energy announced that affiliates of Blue Water Energy (BWE) have agreed to partner with Apex and join the existing investors: Warburg Pincus LLC, International Finance Corporation (IFC) and company management.The oil and gas exploration and production company focused on Egypt and other Middle Eastern and North African countries (MENA) said that it is primarily focused on pursuing acquisitions and drilling opportunities in MENA, with an initial focus on Egypt.The company will continue to acquire assets and licenses, whilst driving value creation through the execution of production optimization opportunities, developments and exploration opportunities of scale.Blue Water Energy…
Private Equity Firms Double down on Venari's Offshore Drilling
Gulf of Mexico deepwater oil explorer Venari Resources LLC said on Wednesday it had raised $1.3 billion from original backers Warburg Pincus LLC, Kelso & Co, the Jordan Company and Temasek Holdings, as well as new investors. GIC, Singapore's sovereign wealth fund, and BlackRock Inc's private equity arm participated in the new round of equity commitments, joining private equity firms Warburg Pincus, Kelso and Jordan, as well as Singapore state-owned investment firm Temasek. The four original investors formed Venari in 2012 with $1.1 billion in equity commitments. The new funds will be used to help develop assets Venari has discovered since 2012, as well as bolster the company's exploration program, Venari Chief Executive Brian Reinsborough said in an interview.
Pogo to Buy Latigo Petroleum for $750M
Pogo Producing Co. has entered into definitive agreement to acquire privately-held Latigo Petroleum, Inc. for $750m in cash, Trading Markets reported. The Houston, Texas-based company said the acquisition of Latigo and its assets in the Permian Basin and Texas Panhandle will increase Pogo's total proven oil and gas reserves by 13%, from 2,042 billion cubic feet of natural gas equivalent, or bcfe, to 2,317 bcfe. The company said it would finance the acquisition of Latigo, which was formed by private-equity firms Warburg Pincus LLC and JPMorgan Partners, with cash on hand, capacity under its existing revolving credit facility and opportunistic capital market transactions. The acquisition, which is subject to customary regulatory approvals, is expected to close during May of 2008.
