Retains Majority of Management Team and Operational Staff and Will
Be Headquartered in Metairie Louisiana
Upstream Exploration LLC (“Upstream” or the “Company”) a privately-held
independent oil and gas exploration and production company, announced
today that it has acquired substantially all of the assets of Century
Exploration, LLC and Century Exploration Houston, LLC. Upstream’s
operations will be focused primarily in the shallow waters of the Gulf
of Mexico, offshore Louisiana, and along the U.S. Gulf Coast in
Louisiana and Texas. The Company will also own producing properties and
leasehold interests in Oklahoma and Nebraska. Upstream is owned 100% by
Highbridge Principal Strategies’ managed funds.
Upstream has retained the majority of the Louisiana-based employees of
Century Exploration and its corporate headquarters will be in Metairie
Louisiana. The Company has a highly skilled management and operations
team with a proven track record of successful and safe operations that
have worked together for an average of 15 years. The management team is
led by Michael Willis, President, and includes Mark Wojna, Vice
President Exploration; Harvey Kelley, Vice President Operations; Tony
Richards, Vice President Engineering; and Gary Cessac, Drilling Manager.
Upstream currently has 21 employees in its Metairie offices.
Michael Willis, Upstream’s President, commented, “We are pleased to have
worked closely with Highbridge to acquire a high quality asset base from
Century Exploration and retain the majority of their highly experienced
management team and employee base. We believe that our strong technical
and operational experience, coupled with an attractive capital
structure, will enable us to create value and capitalize in the current
energy price environment.”
Don Dimitrievich, Head of Energy and Power at Highbridge Principal
Strategies, LLC added, “We recognized the value of the team that Michael
has assembled and the potential of the properties that were acquired. We
are pleased to assist our portfolio companies to navigate through the
current down cycle and prosper on the other side. Over the long term, we
remain very constructive and believe the current environment provides
great investing opportunities.”
About Upstream Exploration
Upstream Exploration is a privately held, independent oil and gas
exploration and production company focused on the exploration,
exploitation and development of oil and gas properties, primarily in the
shallow waters of the Gulf of Mexico and along the U.S. Gulf Coast. The
Company is headquartered in Metairie Louisiana and has approximately 21
total employees in its headquarters and field locations.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160222005415/en/
Copyright Business Wire 2016
Source: Business Wire
(February 22, 2016 - 11:00 AM EST)
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