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Vol. 10, No. 16 Week of April 17, 2005
Providing coverage of Alaska and northern Canada's oil and gas industry

Maverick to acquire Camden for 88M

Florida-based Maverick Oil and Gas has agreed to buy privately held Camden Resources of Texas for $88 million in cash, Maverick said April 11. The deal is expected to close no later than June 10.

Camden’s oil and gas assets include total reserves amounting to about 71 billion cubic feet of gas equivalent, 59 bcfe of which are proved, Maverick said, adding that about 96 percent of the reserves are natural gas. Current production net to Camden is about 6 million cubic feet per day. However, production is expected to increase substantially after the transaction closes due to recent drilling success in the principal asset known as Hostetter Field located in McMullen County, Texas, Maverick said.

The producing fields are in south and southeast Texas and are made up of 17 operated producing wells with an additional three wells being completed and one additional well being drilled, Maverick said.

In addition, Camden participates in four producing non-operated wells in the same geographical areas. Considerable development drilling will be conducted over the next two years, which is expected to increase production to about 30 million cubic feet per day by mid-2007, Maverick said. The acquisition is being financed from Maverick’s cash flow, plus a combination of debt and stock.

—Ray Tyson



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