Castleton acquires Anadarko's East Texas Assets
US based Castleton Commodities International (CCI) has acquired the Carthage upstream and midstream assets in East Texas from Anadarko Petroleum subsidaries for more than $1bn.
With this acquisition, CCI will own more than 160,000 net acres of leasehold in East Texas.
From the deal effective date, daily net production to CCI in East Texas improved by approximately 320 million cubic feet equivalent per day (mmcfe/day).
CCI oil and gas president Craig Jarchow said: “The company is well-positioned to enhance the value of these acquired assets through further development of the Haynesville shale, amongst other operational activities.
“We remain focused on strategically growing and diversifying our upstream and midstream assets, and broadening our portfolio with attractive opportunities that complement our long-term business strategy.”
For this transaction, the Lead Arranger and Lead Bookrunner was JP Morgan Chase Bank, in connection with the reserve based lending facility, while ABN AMRO Capital USA, Wells Fargo Securities, Société Générale and Bank of America Merrill Lynch acted as Joint Lead Arrangers and Joint Bookrunners.
HPS Investment Partners managed funds made an unsecured mezzanine debt investment in the deal.
For CCI, Société Générale was the Financial Advisor, while Vinson & Elkins and Bracewell provided legal advice.