To learn the latest about Laredo
Energy, click on the news release below.
April 2005, Laredo Energy II Completes Sale to Chesapeake;
Forms Laredo Energy III
Laredo Energy II, LP sold most of its assets to Chesapeake on March 31, 2005 for $227.5 million.
The assets consisted of approximately 41,000 gross (28,000 net) acres under which were 248.6 Bcfe of Proved and Probable Reserves (as estimated by the partnership).
Gross daily operated production at the time of the sale was approximately 40 MMcfE per day (approximately 20 MMcfE per day, net to the partnership).
The properties were primarily located in Zapata County, Texas.
Three working interest owners, comprising the remainder of the interest in the properties, also sold their interests for an additional undisclosed amount.
The remaining assets in the partnership, consisting of approximately 5,000 acres of undeveloped oil and gas leases was sold to Laredo Energy III, LP.
Laredo Energy III, LP is a limited partnership consisting of EnCap Investments (and other investors) and Laredo Energy Management III, LP. The partners initial equity capital commitment is $50 million.
Laredo Energy Management III, LP consists of: Graham Whaling, Glenn Hart, Jerry Holditch, Mark Lange, Doug Fogle, Robert Swanson, Scott Stevenson, Doug Kaiser, Jim Flowers, Andy Cherne, Steve Jaques and Paul Thompson.
Have questions about Laredo
Energy, want to schedule an interview, need a press kit? Contact
Debbie Janish at (713) 600-6000.
