MarketWatch: Korea Development Bank Takes 21.9% Stake In Patara From Apache

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
200MM
Description

Bought 21.9% stake in Patara Oil & Gas LLC, which has assets in Carthage Field of E TX & Lisbon, Big Indian, Bull Horn, Middle Mesa, Andy's Mesa & Hamilton Creek fields of Paradox Basin in CO & UT..

A private equity fund led by South Korea's government-owned Korea Development Bank acquired gas assets from Apache Corp., Houston, (NYSE: APA) for $200 million, according to MarketWatch.

The fund bought a 21.9% stake in Patara Oil & Gas LLC, a gas and oil field development firm in the U.S., through a rights offering in May and the $50-million investment back then became part of the fund acquiring the gas assets, reports MarketWatch.

Patara’s current assets are in the Carthage Field of East Texas and the Lisbon, Big Indian, Bull Horn, Middle Mesa, Andy's Mesa, and Hamilton Creek fields of the Paradox Basin in Colorado and Utah.

The gas assets acquired have 37 million barrels of what consists of 97% of natural gas, reports KDB.

“The latest investment comes at a time when competition to secure resources is intensifying globally, and will be a good example to show the growth potential of local private equity funds in the global resources development market," reports KDB.

Apache sold its gas assets to fund its investment in the North Sea and the Gulf of Mexico, according to MarketWatch.