Lime Rock Resources has successfully closed two acquisitions, totaling $113 million, of working interests in oil and gas properties in Oklahoma and Texas from separate sellers. The largest acquisition was of the Potato Hills natural gas field in southeast Oklahoma from two private sellers after two sets of exclusive negotiations. The Lime Rock Resources team assumed operatorship of the field in late February.

Lime Rock Resources also recently acquired interests in wellbores in the Texas Gulf Coast region adjoining its existing New Years Ridge property. The smaller acquisition was also from a private seller. The Lime Rock Resources team is actively seeking to make additional acquisitions in the Mid-Continent, Permian Basin, Texas Gulf Coast, and other basins in the United States.

Eric Mullins, co-CEO of Lime Rock Resources, noted,'We are grateful that we have been able to close two acquisitions in the last several months, but we don't think that this is a coincidence. The oil and gas property market appears to have reached some balance, in which sellers and buyers can better reach agreement on a fair price. This is motivating sellers, as in the case of our newest properties, to rationalize their portfolios. And it is allowing us to acquire mature producing properties that are ideal for an operator like us, with our operations, efficiency, and cost focus.'

Charlie Adcock, co-CEO of Lime Rock Resources, added,'In both transactions, open-ended discussions about our capabilities and interest with the sellers led to completed transactions that were very different at the end of the discussion than at the start. We think that our flexibility, straightforwardness, ability to quickly respond and change - and, of course, our immediately available capital - resulted in deals that accomplished the goals of both us and the sellers.'

Tags: Lime Rock Resources