Orca

Yet another would-be exporter of liquefied natural gas (LNG) from British Columbia (BC) has joined the applicant queue at Canada’s National Energy Board (NEB).

Houston Exploration Co. said Friday it has completed its purchase of producing properties in the shallow waters of the Gulf of Mexico (GOM) from Orca Energy LP and BP Exploration & Production Inc. The combined purchase price of the properties was $145 million for 79 Bcfe. The assets are more than 80% natural gas and encompass 14 fields that are near existing operations in the GOM, the company said. Houston Exploration funded the transactions with a combination of cash on hand at the time of closing and debt from its revolving bank credit facility. In addition, as a result of the acquisitions, the company’s banking group has increased the available borrowing capacity for the organization to $400 million from $340 million.

Houston Exploration Co. said Friday it has completed its purchase of producing properties in the shallow waters of the Gulf of Mexico (GOM) from Orca Energy LP and BP Exploration & Production Inc. The combined purchase price of the properties was $145 million for 79 Bcfe. The assets are more than 80% natural gas and encompass 14 fields that are near existing operations in the GOM, the company said. Houston Exploration funded the transactions with a combination of cash on hand at the time of closing and debt from its revolving bank credit facility. In addition, as a result of the acquisitions, the company’s banking group has increased the available borrowing capacity for the organization to $400 million from $340 million.