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April 17, 2014 --- Vol. 20, No. 24April 2014

Caelus and Apollo partner for Alaska investment

Caelus Energy and Apollo Global Management, an international investment management company, have announced that they have formed a strategic partnership for the investment of funds in Caelus oil and gas assets in Alaska. The announcement came in conjunction with the closing of the sale of Pioneer Natural Resources’ Alaska assets, including the Oooguruk oil field, to Caelus.

Apollo, in a press release announcing the agreement with Caelus, said that its funds “have the opportunity” to invest up to $1 billion dollars in Caelus “to develop the company’s existing assets and to pursue acquisitions or other additional investments.”

“We are excited to be working with Apollo to build a world-class, Alaska-focused independent E&P business, beginning with the acquisition of Pioneer’s Alaskan oil and gas operations,” said Jim Musselman, chief executive officer of Caelus, in an April 15 press release.

“We are confident that Caelus can efficiently develop the existing reserves it is acquiring while building a first-rate oil and gas company through add-on acquisitions and new discoveries,” said Greg Beard, Apollo’s global head of natural resources and senior partner. “We are delighted to have the opportunity to invest alongside Jim and his team.”

—Alan Bailey

See story in April 20 issue, available online at 11 a.m., Friday, April 18 at www.PetroleumNews.com

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