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DENVER, Aug. 18 /PRNewswire/ -- Denver based Cordillera Energy Partners
II, LLC, Cordillera Texas, L.P. and Cordillera Energy Canada ULC today
announced a series of transactions to sell its assets held in Texas and
Oklahoma and all of its stock in a wholly-owned Canadian subsidiary. Each of
these sales is subject to normal closing conditions with closings scheduled
for September 30, 2008. Tristone Capital, LLC and J.P. Morgan Securities Inc.
provided financial advisory services to Cordillera for the US transactions and
CB Securities for the Canadian transaction.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080818/LAM534LOGO)
Subsequent to consummation of these transactions, Cordillera Energy
Partners III, which was formed in March of 2007, will continue its active
acquisition, exploration and development program in its core areas of the
Texas Panhandle where Cordillera III has over 140,000 acres and in East Texas
where it has 23,000 acres. "Armed with an excellent balance sheet and a
seasoned management team, Cordillera III plans to grow production and reserves
through an active acquisition program and drilling program," said Tad R. Herz,
Executive Vice President and CFO of Cordillera.
Commenting, George H. Solich, President and CEO of Cordillera Energy
Partners II and III remarked "the Cordillera II divestitures fit perfectly in
our strategy to deliver excellent returns to our shareholders while keeping
our exceptional franchise together to continue to build Cordillera III."
Cordillera Energy Partners II and Cordillera Energy Partners III are
privately held acquisition, exploration and production companies headquartered
in Denver, Colorado, whose principal shareholder is EnCap Investments together
with other institutional investors.
Contact:
Tad Herz
Cordillera Energy Partners
(303) 785-1546
SOURCE Cordillera Energy Partners
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