PRTODAY / NewswireToday Free press release distribution service network

More news: Energy
Written by / Agency / Source: General Electric Company

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

PRE Resources, GE Unit Partner to Buy Rocky Mountain Oil and Gas Reserves - PRE Resources, Inc. is teaming up with GE Energy Financial Services, a unit of GE (NYSE: GE), to buy more than 100 producing wells and undeveloped acreage across 29 fields in Wyoming and Colorado.
PRE Resources, GE Unit Partner to Buy Rocky Mountain Oil and Gas Reserves

 

NewswireToday - /newswire/ - Denver, CO, United States, 2011/10/13 - PRE Resources, Inc. is teaming up with GE Energy Financial Services, a unit of GE (NYSE: GE), to buy more than 100 producing wells and undeveloped acreage across 29 fields in Wyoming and Colorado.. NYSE: GE

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Energy Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Expanding their Rocky Mountain oil and gas reserves footprint, PRE Resources, Inc. is teaming up with GE Energy Financial Services, a unit of GE, to buy more than 100 producing wells and undeveloped acreage across 29 fields in Wyoming and Colorado.

GE Energy Financial Services provided $46 million and committed to additional capital expenditures to form a partnership with Denver-based PRE Resources to buy the fields spread across Weston, Campbell, Crook, Niobrara and Hot Springs counties, WY, as well as Moffat County, CO. The seller was undisclosed. PRE Resources is investing $5 million in the acquisition and will serve as general partner and operator, with GE Energy Financial Services serving as limited partner. The fields feature primarily long-lived oil reserves on nearly 18,000 net acres.

“This partnership with GE will enable us to enhance the assets’ production, implement low-risk secondary recovery programs and generate new drilling,” said Mark A. Erickson, PRE’s Chairman and CEO. “We are combining PRE’s technical and operating experience in the Powder River with GE Energy Financial Services’ technical and risk expertise and capital to set the stage for generating attractive returns.”

Since 1991, GE Energy Financial Services’ Oil and Gas team has provided more than $3.6 billion in partnership equity for its independent private and public oil and gas partner-operators in the United States. Based in Stamford, Connecticut – with an office in Houston – the Oil and Gas unit is active in all major onshore basins and in shallow water Gulf of Mexico. Its 24 partnership investments own interests in more than 3,500 wells that produce an estimated 26,000 barrels of oil equivalent daily.

“This transaction executes on our strategy of acquiring conventional, long-lived, producing assets that should generate a robust current yield with upside potential from drilling, development and operational enhancements,” said John Schaeffer, managing director and head of the oil and gas unit at GE Energy Financial Services.

About PRE Resources, Inc.
Denver-based PRE Resources, Inc. (preresinc.com) is a privately held independent oil and gas company engaged in the exploration, exploitation, acquisition and production of crude oil and natural gas in the United States. The Company’s core areas include Wyoming’s Powder River and Greater Green River Basins; the Michigan Basin in Northern Michigan, California’s Ventura Basin and the Williston Basin of North Dakota. PRE focuses principally on optimizing production in its oil projects where it operates over 150 wells as part of the GE Energy Financial Services partnership. PRE has further exposure to low-risk development drilling for natural gas in Wyoming’s Jonah Field.

About GE Energy Financial Services
GE Energy Financial Services’ experts invest globally across the capital spectrum in essential, long-lived, and capital-intensive energy assets that meet the world’s energy needs. In addition to capital, GE Energy Financial Services (geenergyfinancialservices.com) offers the best of GE’s technical know-how, technology innovation, financial strength, and rigorous risk management. Based in Stamford, Connecticut, the GE business unit helps its customers and GE grow through new investments, strong partnerships, and optimization of its approximately $20 billion in assets.

About GE
GE (ge.com) is an advanced technology, services and finance company taking on the world’s toughest challenges. Dedicated to innovation in energy, health, transportation and infrastructure, GE operates in more than 100 countries and employs about 300,000 people worldwide.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Energy Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Written by / Agency / Source: General Electric Company

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick Newswire Today Visibility Checker

 

Distribution / Indexing: [+] / [Company listed above is a registered member of our network. Content made possible by PRZOOM / PRTODAY indexing services]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Energy articles,
CATCH Visitors via Your Competitors Announcements!


PRE Resources, GE Unit Partner to Buy Rocky Mountain Oil and Gas Reserves

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name Newswire Today and LINK as the source.
 
  Is this your article?
Activate ALL web links and social stream by Upgrading to Press Release PREMIUM Plan Now!

GE News Center | PRE Resources, Inc.
Publisher Contact: Andy Katell - GE Energy Financial Services 
203-961-5773 andrew.katell[.]ge.com
 
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any General Electric Company securities in any jurisdiction including any other companies listed or named in this release.

Energy via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!


Read Latest Articles From General Electric Company / Company Profile


Read Energy Most Recent Related Newswires:

ABB At Hannover Messe 2017 - Showcasing Customer Value in the Digital Age
Nord Stream 2 AG and European Energy Companies Sign Financing Agreements
GE Completes Acquisition of LM Wind Power
Enel Starts Construction of 300 MW Red Dirt Wind Farm in United States
ET Solar and DSM Announce Strategic Partnership to Accelerate Market Penetration of PV Modules Featuring Unique Sustainable and Durable Backsheets
El Lago Named 'Green Power Community' in Texas by U.S. EPA
GE and Southern California Edison Debut World’s First Battery-Gas Turbine Hybrid
GE Successfully Installed the First Unit of 1,500-Volt Solar Inverter in Japan
ENGIE Wins A 338 MWp Solar Project in India
GE & MGH Mark Commercial Operations of 9F Gas Turbines At Baghdad Power Plant
ENGIE and Axium Secure 50-year Comprehensive Energy Management Contract with The Ohio State University in the US
ENGIE Axima Chosen by the Shipyard MV Werften within the Scope Limit of the Building of 2 XXL Cruise Ships
SPR Energy Puts Trust in GE to Operate Malaysian Power Plant for the Next 18 Years
ENGIE Acquires 100% of La Compagnie Du Vent
Enel Signs 25-Year PPA with Zambian National Utility Zesco

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
NewswireToday Celebrates 10 Years in Business


PREMIUM Members


Visit  La Bella Bakery Artisan Bakery Arizona

Visit  BizJobs.com





 
  ©2017 Newswire Today — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
 
PRTODAY & NewswireTODAY are NOT affiliated with USA TODAY (usatoday.com)