PRE, GE to acquire US oil and gas assets

PRE Resources is to form a partnership with GE Energy Financial Services to acquire over 100 producing wells and undeveloped acreage across 29 fields in the US states of Wyoming and Colorado.

Under the partnership, GE invested $46m in acquiring the fields, which are spread across Weston, Campbell, Crook, Niobrara, Hot Springs and Moffat counties.

PRE Resources will provide $5m for the acquisition and will serve as general partner and operator, with GE as a limited partner.

PRE Resources chairman and CEO Mark Erickson said that the partnership with GE will enable the firm to enhance the assets’ production, implement low-risk secondary recovery programmes and generate new drilling.