GE Energy Financial Services and Casillas Petroleum have partnered to acquire Cimarex Energy’s oil and gas reserves in southwest Kansas, US.
Under the agreement, the team will acquire more than 500 producing wells spread across 14 counties in Kansas.
In addition to operating the properties, Casillas will serve as the general partner of the partnership whereas GE Energy will be the sole limited partner and will provide both acquisition and development capital to help grow the partnership’s reserves.
Casillas Petroleum president Greg Casillas said, "Our investment with GE allows us to grow our business through a high-upside oil and gas field acquisition, while maintaining the financial flexibility to continue to drill new wells."
GE Energy Financial Services Oil and Gas team managing director and leader Ray Edgar said: "Our partnership with Casillas Petroleum is another example of helping customers and GE grow through profitable investments in long-lived assets."