White Marlin Oil and Gas Co. LLC closed its acquisition of certain properties that were sold as part of the Dune companies’ bankruptcy process, White Marlin said Aug. 4. They were sold by Dune Energy Inc., Dune Operating Co. and Dune Properties Inc. The acquisition closed July 27.
Dune filed for bankruptcy on March 8 in the United States Bankruptcy Court for the Western District of Texas, Austin Division, the company added.
A July 10 bankruptcy court order approved the sale of Dune’s interests in the Abbeville North, Bayou Couba, Chocolate Bayou, Comite, Lake Boeuf SW, Leeville, Los Mogotes, Malo Domingo, Manchester SW, Manchester W, and Toro Grande fields.
The two companies had a purchase and sale agreement dated June 24, White Marlin said. White Marlin paid $19 million for the assets, which were producing about 626 barrels of oil equivalent per day on July 1, the transaction’s effective date.
Baker & McKenzie LLP represented White Marlin.
"The acquisition of these core producing properties from Dune Energy is another step forward in our plan to increase investor value and net income from our Texas and Louisiana Gulf Coast strategic asset focus. We will continue to grow White Marlin through acquisitions and drilling while positioning our company to outpace its competitors," said Terry Clark, president and CEO.
Houston-based White Marlin Oil and Gas Co. LLC is a subsidiary of White Marlin Energy Partners LLC.
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