Marubeni To Gain 35% Stake In Hunt Oil Eagle Ford Project

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
$1,300.0MM
Description

To acquire 35% WI (52,000 net acres) in TX Eagle Ford shale oil and gas project.

Marubeni Eagle Ford LP, a subsidiary of Marubeni Corp., Tokyo, (Tokyo: 8002) plans to acquire a 35% working interest in a Texas Eagle Ford shale oil and gas project from privately held, Dallas-based Hunt Oil Co. for a $1.3-billion project.

The working interest covers approximately 52,000 net acres of oil and gas leases. The project has plans for several hundred wells to be sequentially drilled for five to 10 years. The total development costs include Marubeni’s acquisition costs on a share basis.

In addition, Marubeni and Hunt have agreed to jointly acquire additional acreage in the Eagle Ford shale oil and gas area.

Marubeni’s acreage position in the Eagle Ford is believed to be prospective, and Hunt, the operator of this project, has extensive experience and expertise in the development and operation of a number of oil and gas shale plays including the Bakken in North Dakota.

Marubeni has projects in the Gulf of Mexico, the North Sea (U.K.), India, Qatar and the Niobrara shale oil play, which started its initial oil production in October 2011. As the result of this project, Marubeni’s total shale oil acreage is approximately 72,000 net acres, which makes Marubeni the largest acreage holder among Japanese firms.