2009-09-21-2009-07-22-2009-07-22

Purchased 4,700 acres in 18 sections including 19 producing wells and 2 gathering systems in Ellis Co., OK.

Rich Talley's Primary Natural Resources III LLC has secured its first deal, acquiring properties and associated equipment in Ellis County, Oklahoma, from Citrus Energy for an undisclosed price. The deal involves 4,700 net acres in 18 sections including 19 producing wells and two gathering systems, all operated. Primary III will retain the field personnel associated with the properties. "We are pleased by our first acquisition," says Talley, CEO of Primary III. "We expect these fields to have good production upside and will give us a foothold in an area of the Anadarko Basin that we know well." Primary III, a portfolio company of Quantum Energy Partners, was formed in January with an initial equity commitment of more than $100 million. It is focused on acquiring conventional producing properties with upside re-completion potential and development drilling opportunities or potential for using enhanced recovery methods with valued at $25 million to $250 million in the Midcontinent, Oklahoma/Texas Panhandle and Permian Basin. Meagher Oil & Gas Properties Inc. was advisor to Primary III.