In what could be part of a trend identified by Cowen & Co., White Star Petroleum LLC said Aug. 15 that it has sold its interest in a midstream gathering system and associated assets to Oklahoma City-based 4 AM Midstream LLC, a midstream company founded this year.
The Mid-Continent region assets are in the Oklahoma counties of Logan, Noble and Payne and include 253 miles of gas gathering pipelines—including 26 miles of high pressure lines—and 214 miles of crude oil gathering pipelines. In connection with the transaction, White Star and 4 AM signed 20-year crude and gas gathering agreements covering a defined dedication area.
“The divestiture of these non-core assets strengthened White Star’s balance sheet, which provides the company with additional flexibility to invest capital in its core upstream operations and continue to create value for its investors,” Elliot J. Chambers, White Star’s CEO, said in a statement.
White Star is majority owned and controlled by an affiliate of The Energy & Minerals Group. Porter Hedges LLP acted as legal adviser to White Star.
Recommended Reading
Eni Reports Discovery Offshore Mexico in Block 9
2024-07-10 - Italian energy giant Eni SpA announced a discovery at the Yopaat-1 EXP exploration well in the offshore Mexico Block 9 of the Cuenca Salina in the Sureste Basin, which potential up to 400 MMboe in place.
E&P Highlights: July 10, 2024
2024-07-10 - Here’s a roundup of the latest E&P headlines including TotalEnergies exiting South Africa to focus on opportunities in Namibia.
CNOOC’s Bohai Bay Well Achieves High Yield
2024-07-11 - CNOOC’s Bozhong 19-6 Condensate Gas Field D1 well, the first ultra-deep well in China’s Bohai Bay, is currently producing approximately 6,300 boe/d.
Goodbye Manual Control: Vital Energy’s Automation Program Boosts Production
2024-07-12 - Production, ESP efficiency soared when the company automated decisions with AI at the edge.
VAALCO Reports Increased Reserves After Svenska Deal
2024-07-16 - VAALCO acquired Swedish E&P Svenska’s 27.39% non-operated working interest in the deepwater Baobab Field in Block CI-40, offshore Côte d’Ivoire.