Deals this week: Magnolia Oil & Gas, UK Oil & Gas, Venture Global LNG

Magnolia Oil & Gas has entered an agreement to purchase certain assets in South Texas from Harvest Oil & Gas for $191m.

Magnolia will pay $135m in cash and $56m through the issuance of 4.2 million class A common stock, as per the terms of the agreement.

The deal is expected to provide an undivided working interest for the company’s existing Karnes County and Giddings Field assets.

Magnolia is expected to add 15 net locations to its core Karnes County properties and 114,000 net acres to its Giddings Field properties, following the transaction.

Magnolia is an operator of an exploration and development company, while Harvest Oil & Gas owns and operates various producing oil and gas properties in the US.

Both companies are based in the US.

UK Oil & Gas (UKOG) has entered an agreement to purchase an additional 7% stake in the Horse Hill project located in the Weald Basin, Surrey, UK, from Gunsynd and Primorus Investments.

Horse Hill Developments (HHDL) is the operator of the project and holds a 65% interest in the Horse Hill-1 (HH-1), Portland and Kimmeridge Limestone oil discovery. The company also holds interests in the 142.45km² PEDL137 and PEDL246 licenses.

UKOG will receive a 2% interest in HHDL from Gunsynd for £1.925m ($2.5m) and 5% interest in HHDL from Primorus and 4.55% beneficial interest in the licences.

The company’s share in HHDL will increase to 56.9% and the beneficial licence interest will increase to 36.985%.

UKOG is expected to pay £425,000 in cash and £1.5m through the issuance of 85,714,286 new ordinary UKOG shares, as part of the agreement.

UK Oil & Gas PLC (UKOG) is an oil and gas exploration company, while Gunsynd is a private equity firm and Primorus is an investment firm.

All the companies involved in the transaction are based in the UK.

Venture Global LNG has secured $160m in additional private capital funding towards the development of its projects in the US.

The additional funding secured from institutional investors brings the total funds raised by the company to $630m.

The projects include the Calcasieu Pass facility in the Gulf of Mexico and the Plaquemines liquefied natural gas (LNG) facility on the Mississippi River.

Based in the US, Venture Global LNG is a LNG producer and exporter.

Carrizo Oil and Gas has entered an agreement to acquire acreage located in the Delaware Basin, US, from Devon Energy for $215m.

The acquisition includes approximately 10,600 gross acres of the Delaware Basin in the Reeves and Ward counties of the US.

Devon Energy is an independent energy company, while Carrizo is engaged in the exploration, development and production of oil and gas. Both companies are based in the US.

The deal is expected to increase Carrizo’s acreage portfolio in the Delaware Basin.

Junex has completed its previously announced business collaboration with Cuda Energy to form a combined entity named Cuda Oil and Gas.

Together with the vendor of the Wyoming assets, the new company plans to develop, construct, own and operate an oil sales pipeline, which will connect the regional infrastructure to a high-pressure natural gas system.

The Wyoming light oil asset comprises 27.75% interest in the 25,000 (approximately 7,000 net)-acre Barron Flats (Deep) Unit of the Powder River Basin in Wyoming, which produces light sweet oil from the Shannon formation.

The new pipeline will facilitate gas volumes to be directed into the Shannon field’s midstream facilities for implementation of the miscible gas flood.

Cuda Oil and Gas will own 33.3% of the midstream facilities, while the remaining 66.6% will be owned and operated by the vendor.

The new company has simultaneously completed the acquisition of a light oil asset in the Powder River Basin for $37m.

Both parties are Canada-based oil and gas exploration companies.