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Carrizo Oil & Gas, Inc. Announces Entry Into New $27.5 Million Niobrara Joint Venture

Thursday, 25 Oct 2012 06:20am EDT 

Carrizo Oil & Gas, Inc. announced that it has entered into an agreement to form a new joint venture in the Niobrara play with Haimo Oil & Gas LLC (Haimo), a subsidiary of Lanzhou Haimo Technologies Co. Ltd., a company formed under the laws of the People's Republic of China. Pursuant to the agreement, Haimo will acquire an undivided interest in approximately 6,000 net acres located primarily in Weld and Adams Counties, Colorado along with associated infrastructure and production of approximately 185 Boe/day for an all-cash payment of $27.5 million, subject to customary closing conditions (including Chinese government approvals), and purchase price adjustments. The sale of the property will be effective as of October 1, 2012, the same effective date as in Carrizo's separate Niobrara joint venture agreement with OIL India (USA) Inc. and IOCL (USA) Inc, subsidiaries of OIL India Ltd. and Indian Oil Corporation Ltd., respectively. Following the closing of this transaction late in the fourth quarter of 2012, the joint venture interest ownership participations in Carrizo's Niobrara development activities will stand collectively at 60% Carrizo, 30% OIL/IOCL, and 10% Haimo. 

Company Quote

-0.99 -1.47%
25 Jul 2014