The GE unit has provided $46m and committed to additional capital expenditures to form a partnership with US-based PRE Resources to buy the fields which feature primarily long-lived oil reserves on nearly 18,000 net acres.
PRE Resources will invest $5m in the acquisition and will serve as general partner and operator, with the GE unit serving as limited partner.
PRE Resources chairman and CEO Mark Erickson said this partnership with GE will enable PRE Resources to enhance the assets’ production, implement low-risk secondary recovery programs and generate new drilling.
