Deals this week: Black Stone Minerals, White Star Petroleum, Royale Energy

Black Stone Minerals has agreed to acquire certain oil and gas assets of Noble Energy for $340m.

Black Stone plans to partly fund the transaction from the proceeds of a private placement of preferred units.

The transaction involves the transfer of approximately 140,000 net mineral acres, non-participating royalty interest in 380,000 gross acres, and overriding royalty interest in 600,000 gross acres. The assets are expected to produce an average of 2,600 barrels of oil equivalent a day (boed).

Porter Hedges is the legal advisor to Black Stone for the transaction.

Scheduled for completion on 28 November, the transaction will enable Black Stone to increase its oil and gas assets base in the US.

White Star Petroleum plans to dispose its operated and non-operated working interests in oil and gas assets across the Creek, Lincoln, Okfuskee, Noble, Pawnee and Payne regions of Oklahoma, US.

The transaction involves the sale of working interest in 65 operated wells, 20 non-operated wells, and eight operated disposal wells.

Meagher Energy Advisors has been engaged by White Star Petroleum for the sale of the assets.

The transaction is scheduled for completion on 19 February 2018.

Royale Energy has inked an agreement to acquire 50% non-operating working interest in Sansinena and East Los Angeles fields for $15m.

Royale Energy will hold overriding royalty interest (ORRI) in the production of up to 300,000bpd of oil from the fields. The net proved reserves of the fields are estimated to be 8.7mmboe.

The transaction will enable Royale Energy to reinforce its oil and gas assets portfolio in the US.

Saturn Oil and Gas has signed an asset exchange agreement with a major Viking producer.

Under the agreement, Saturn has acquired 100% interest in two contiguous sections in the Flaxcombe area in exchange for its 50% interest in one section of land in the Lucky Hills pool situated in Kindersley area, Saskatchewan.

The transaction will expand Saturn’s footprint in Flaxcombe area and enable it to maintain a 50% non-operating working interest in Lucky Hills.

Questerre Energy Corporation has completed the acquisition of additional producing light oil assets situated in Antler area of south-east Saskatchewan, for $5.69m.

Combined oil production from the assets in both Antler and Pierson areas is approximately 450bpd.

The transaction allows Questerre Energy to expand its oil assets portfolio in Antler.