logo
Share SHARE
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
British lender Lloyds Banking Group Plc. Friday reported higher profit in its first half, benefited by increased net interest income and margin as well as lower impairment. Looking ahead, the company lifted its net interest margin forecast. Amgen reported an increase in second-quarter profit, driven by sales of arthritis drug Enbrel and osteoporosis treatments Xgeva and Prolia, and improved margins. Both earnings and sales topped Wall Street estimates. Electronic Arts Inc. (EA) on Thursday reported an increase in profit for the first quarter, reflecting continued strong digital revenues, with both earnings and revenues topping Wall Street estimates. However, shares of the company fell over 4 percent, after having detailed a weak outlook. Redwood...
comments powered by Disqus
RELATED NEWS
Trade MRO now with 
Follow RTT