PetroPoint Energy Partners has bought oil and gas properties in the Lobo and Olmos areas of South Texas from Rosetta Resources Operating LP for $95 million.
As quoted in the press release:
The remaining properties under the agreement are anticipated to close in the third quarter of 2012.
Pinpoint Energy Partners LP’s President and Chief Executive Officer, George Laflin stated:
These assets are on concentrated acreage positions held by production. They fit our strategy to provide stable cash flow due to their long life, low decline rates and a suitable inventory of recompletions and low risk new drilling opportunities.
Click here to read the PetroPoint Energy Partners press release.
Read the original here: