Deals this week: Carbon Natural Gas, White Star Petroleum, Petronas


Carbon Natural Gas Company, through its affiliate Carbon Appalachian Company, has completed the acquisition of natural gas producing properties and related facilities located in West Virginia, US, for $21.5m.

Additionally, Carbon Appalachian will finance the field developments and enhancement projects, and general working capital.

The assets hold estimated proved, developed and producing (PDP) reserves of 52bcf of gas. The net production from the assets is estimated to be approximately 7,500cfd of gas.

The associated facilities include approximately 311 miles of natural gas pipelines, gas gathering lines and related compression facilities.

The transaction allows Carbon Natural Gas to extend its gas assets portfolio in West Virginia.

White Star Petroleum has disposed oil and gas gathering systems located in Logan, Noble and Payne counties, Oklahoma, US, to 4 AM Midstream.

The assets include 26 miles of high-pressure lines and 214 miles of crude oil gathering pipelines.

The transaction also involves the crude and gas gathering agreements covering a defined dedication area with a fixed-fee structure for a 20-year term.

Porter Hedges was the legal adviser to White Star Petroleum in the transaction.

"White Star Petroleum has disposed oil and gas gathering systems located in Logan, Noble and Payne counties, Oklahoma, US, to 4 AM Midstream."

Petroliam Nasional Berhad (Petronas) plans to buy a stake in an LNG terminal located in Ennore, Chennai, India, from Indian Oil Corporation Limited (IOCL).

The $801m terminal is currently under construction and is scheduled for completion by June 2018. It will have an installed capacity of five million tonnes a year.

The transaction will allow Petronas to expand its midstream assets portfolio in India.

Ikkuma Resources has agreed to acquire oil and gas assets located in the Alberta Foothills and Deep Basin in British Columbia, Canada, for $26.77m.

The purchase consideration is intended to be funded by the company through the disposition of infrastructure and available cash balances.

The assets hold PDP reserves of 33,579 million barrels of oil equivalent (mmboe) and proved plus probable reserves of 43,886mmboe. The production from the assets is estimated to be approximately 14,300boed.

Ikkuma Resources has appointed Desjardins Capital Markets, GMP FirstEnergy, and TD Securities as financial advisors for the transaction.

The transaction is scheduled for completion on or before 1 November.

Peloton Computer Enterprises has received an investment from Silver Lake Kraftwerk, TriWest Capital Partners, and HarbourVest Partners.

Peloton offers integrated solutions for operations, drilling, production and construction segments of the oil and gas industry.

The transaction allows the private equity firms to extend their investment portfolio.