Celero Energy has entered into an agreement to sell all of its oil and gas assets to Whiting Petroleum Corporation for approximately $802 million.
Celero Energy was formed in January 2004 to focus on acquiring and enhancing the value of oil and gas properties. The company’s two core assets, the Postle Field in the Panhandle region of Oklahoma and the North Ward Estes Field in the Permian basin comprise a significant portion of the total asset value of the transactions.
Anticipated closing dates are August 4th and October 4th for the Postle Transaction and North Ward Estes Transaction, respectively. The purchase price is made up of cash and equity consideration of $785 million cash and 441,500 shares of Whiting common stock worth approximately $17 million.
Commenting on the deal, Jack Hightower, Celero’s chairman, president and CEO, stated: Our management team has been involved in starting many new ventures and our goals in addition to achieving attractive financial returns for our shareholders is to benefit all stakeholders. I believe this transaction accomplished all our objectives.