FONT-SIZE Plus   Neg

Paloma Partners II Agrees To Be Acquired By To Marathon Oil For $750 Mln In Cash

Houston based Paloma Partners II, LLC announced that it has recently entered into an agreement for the sale of the company to Marathon Oil Corp. (MRO).

As per the terms of the agreement, Marathon Oil will acquire Paloma II for $750 million in cash, effective as of April 1, 2012, subject to customary closing terms and conditions.

Closing is expected to occur in the third quarter of 2012. Paloma II owns roughly 17,000 net acres in the Eagle Ford shale play, primarily in Karnes and Live Oak counties, TX. Net production as of April 1 was approximately 7,000 boepd.

Paloma II is a privately held acquisition, exploration and production company headquartered in Houston, Texas.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Bond management titan Bill Gross has filed suit against his former employer, PIMCO, for breach of contract related to his ouster from the company. Gross is looking for damages of at least $200 million for forcing him out of the company, according to court filings. Gross claims that other managers conspired to push him out of the firm he co-founded in order to improve their own finances. Large U.S. companies are holding trillions of dollars overseas in an effort to avoid U.S. taxes, with big-name firms like Apple (AAPL), Pfizer (PFE) and PepsiCo (PEP) named as notable examples. This is the claim made by a pair of non-profit groups, who released a study based on the firms' financial statements. Alcoa Inc. (AA), the largest producer of aluminum in the US, Thursday reported a sharp decline in profit for the third quarter, as sales dropped 11 percent reflecting divestitures and currency headwinds. Both the earnings and revenues fell short of Wall Street analysts' estimates, sending its shares...
comments powered by Disqus
Trade MRO now with 
Follow RTT