?• Black Stone Minerals Co. LP has acquired working interests in more than 5,700 wells in Oklahoma, Texas, Louisiana, New Mexico and other states from a privately held undisclosed company for $150 million. Several of Black Stone’s investment affiliates, including Black Stone Acquisition Partners III LP, joined in the acquisition, which closed on Jan. 9.
Proved reserves are approximately 88.9 billion cubic feet of gas. Production is approximately 25 million cubic feet per day. Upside includes some 1,700 probable and possible drilling locations. Hallie A. Vanderhider, Black Stone president and chief operating officer, says, “The properties are incredibly diversified, with stable production profiles and low finding and development costs. That bodes well for future development drilling.”
• Houston-based TGT Royalty Investors Trust has acquired certain mineral and royalty interests, including 500,000 gross acres spanning several major basins in 21 states, from undisclosed sellers for an undisclosed price. Net proved reserves are 2.5 million barrels of oil equivalent. TGT Royalty Investors is a consortium including Houston-based Goldking Energy Partners I LP, a Fort Worth, Texas-based investor group and Trunk Bay Royalty Partners LP.

• Marine contractor Cal Dive International Inc., Houston, (NYSE: DVR) plans to repurchase a 12.6% stake in the company from majority shareholder Helix Energy Solutions Group Inc., Houston, (NYSE: HLX) for $86 million. Cal Dive will acquire 13,564,669 shares of the company’s common stock at $6.34 per share, representing an approximate 2% discount to the 30-day average price as of Jan. 16.
The repurchase will reduce Helix’s ownership interest in Cal Dive from approximately 57% to 51%. It will pay for the purchase with borrowings under its $300-million revolving credit facility. Cal Dive president and chief executive Quinn Hébert says the repurchase is attractive at current trading prices and that following the transaction the company will continue to have financial flexibility and liquidity through cash on hand and remaining borrowing capacity to fund operating needs. Cal Dive currently has no borrowings against the credit facility. The move represents another step in the company’s previously announced strategy of unlocking its asset value by divesting assets outside of its core business while simultaneously providing additional liquidity, which it considers important in the current economic environment.

• Privately held Triton Group Holdings, Aberdeen, has purchased Houston-based Equipment & Technical Services Inc. in its ninth acquisition since forming in 2007. The financial terms of the acquisition were not disclosed. ETS president Andy Bogle and vice president Mike Knight will remain with the company and become Triton shareholders. Clydesdale Bank and an HSBC team provided funding for the transaction. Triton now comprises 11 companies providing technology and services to the international subsea oil-and-gas-sector.

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