2009-09-21-2009-08-06-2009-08-06

Acquired GOM shelf assets including 7 fields, 32 producing wells, gaining 1,400 BOE/d.

Privately held, Houston-based Northstar Offshore Energy Partners LLC has acquired the remaining Gulf of Mexico shelf assets from Pioneer Natural Resources Co., Dallas, (NYSE: PXD) for an undisclosed price. The assets include seven fields and 32 producing wells. Current production is 1,400 barrels of oil per day. The production remains curtailed due damage to third-party pipeline facilities by hurricanes Gustav and Ike. Following the hurricanes, Pioneer reported curtailing approximately 3,000 barrels oil equivalent per day of production due to shutting in of production related to the hurricanes. Northstar is a portfolio company of private-equity company Natural Gas Partners. The acquisition was funded in part with a new $100-million senior secured credit facility from BNP Paribas.