Daily News: August 6, 2014

GE Energy Financial, Casillas Petroleum to Acquire Oil & Gas Reserves

GE Energy Financial Services announced it partnered with Casillas Petroleum to purchase oil and gas reserves in southwest Kansas from Cimarex Energy. Financial details were not disclosed.

The assets include more than 500 producing wells spread across 14 counties in Kansas. Tulsa-based Casillas Petroleum will operate the properties and serve as the general partner of the partnership. GE Energy Financial Services will be the sole limited partner and provide acquisition and development capital to help grow the partnership’s reserves.

Greg Casillas, president of Casillas Petroleum, said, “Our investment with GE allows us to grow our business through a high-upside oil and gas field acquisition, while maintaining the financial flexibility to continue to drill new wells.”

Ray Edgar, managing director and leader of the Oil and Gas team at GE Energy Financial Services, added, “Our partnership with Casillas Petroleum is another example of helping customers and GE grow through profitable investments in long-lived assets.”