Houston-based E&P operator Mariner Energy Inc. officially is no longer an Enron affiliate. The company completed a $271.1 million merger with an affiliate of the private equity funds Acon Investments LLC and Carlyle/Riverstone Global Energy and Power Fund II. Mariner had been owned by Enron’s Joint Energy Development Investments LP (JEDI).

“We were attracted to Mariner because it combines the stable cash flows generated by the onshore West Texas reserves with the growth potential from its exploration activities in the Gulf,” said Jonathan Ginns, managing director of Acon, an affiliate of Texas Pacific Group, which also is buying Portland General Electric from Enron for $2.35 billion, including assumed debt. Mariner will continue to partner with other E&P companies to explore onshore, on the shelf and in the deepwater of the Gulf of Mexico.

Mariner has operations in West Texas and the Gulf. At year-end, it had 200 Bcfe of proven reserves, of which 40% were located in West Texas, with the remainder in the Gulf. Current daily production is 77 MMcf/d of gas and 7,100 bbl/d of oil.

Carlyle/Riverstone affiliates own 67% of the equity interests of Mariner’s parent, and Acon affiliates own the remaining 33%. Debt financing for the transaction was provided by a group of banks led by The Union Bank of California and BNP Paribas. The transaction was approved by the United States Bankruptcy Court.

Mariner’s current management will continue to operate the company, headed by CEO Scott Josey.

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