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: Quote).
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.
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by RTT Staff Writer
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