Krewe Energy, LLC, (“Krewe Energy” or the “Company”) a privately held
oil and gas exploration and production company based in Covington,
Louisiana, announced today that it recently completed the acquisition of
the Timbalier Bay Field located in Lafourche Parish, Louisiana.
The Timbalier Bay Field is a vintage South Louisiana property discovered
in 1938 by Gulf Oil Corporation and ranks as one of the State of
Louisiana’s top ten fields based on cumulative production to date. With
this acquisition, Krewe Energy adds 8,270 acres (100%
held-by-production) and a significant amount of crude oil production to
its South Louisiana holdings. Krewe Energy has successfully accomplished
its goal of doubling the Company’s production rate by midyear 2017 and
will be producing approximately 2,200 barrels of oil equivalent per day
as a result of this transaction and now owns more than 15,000 leased
acres in South Louisiana.
Barry Salsbury, Managing Partner of Krewe Energy, commented, “With the
acquisition of Timbalier Bay, we have added a world class asset to our
South Louisiana asset base and have effectively doubled our Company’s
size. Krewe owns and operates approximately 100% of its existing asset
base and, similarly, we acquired a 100% working interest in the
Timbalier Bay Field. Krewe has built a team of talented engineers and
geologists and, consistent with our Company’s strategy, have commenced
our efforts at Timbalier Bay to optimize production, reduce operating
expense and initiate an internal full field study to identify additional
production enhancement and future development opportunities.”
Krewe Energy continues to focus on the growth and further development of
its existing asset base while also seeking additional acquisitions of
mature assets within its core operating area of the Gulf Coast oil and
gas trend.
About Krewe Energy, LLC
Krewe Energy, LLC is a privately held independent oil and gas company
headquartered in Covington, Louisiana. The Company is engaged in the
acquisition, exploitation and development of producing oil and gas
fields, with a specific focus on conventional production opportunities
within the shallow State waters of the Gulf of Mexico, inland marsh and
onshore areas of South Louisiana and the greater Gulf Coast region.
Krewe Energy operates and owns a 100% working interest in the majority
of its existing assets. The Company was formed in 2013 by its founders,
Tom De Brock and Barry Salsbury, and is supported by its financial
partners Coral Reef Capital and Sage Road Capital. For more information,
please visit www.krewe-energy.com.
About Coral Reef Capital
Coral Reef Capital is a New York-based private investment firm that
focuses exclusively on private equity investments in the natural
resources sector, including oil & gas exploration and production, metals
& mining, and related services. For more information, please visit www.coralreefcapital.com.
About Sage Road Capital
Sage Road Capital is a Houston, Texas-based private equity investor in
the upstream oil and gas sector. Founded in 2012, Sage Road targets
lower middle-market investment opportunities in North America, with a
primary regional focus on Texas, Oklahoma and the surrounding states.
For more information, please visit www.sageroadcapital.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170712005115/en/
Copyright Business Wire 2017
Source: Business Wire
(July 12, 2017 - 10:00 AM EDT)
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