Privately

Private equity firm Kohlberg Kravis Roberts & Co. (KKR) said it plans to exit its investment in privately held East Resources Inc. in connection with the recent announcement that Royal Dutch Shell plc has agreed to pay $4.7 billion to acquire East Resources’ principal subsidiaries (see NGI, May 31). KKR invested $350 million in Warrendale, PA-based East Resources last year (see NGI, June 15, 2009). That investment “was a catalyst for the growth and development” of East Resources, according to KKR, which said the company succeeded in derisking a substantial part of the Northeastern Marcellus Shale area, developed a critical supply of natural gas to serve the region and saw its annual capital budget grow from $100 million to $350 million over the past year.

Private equity firm Kohlberg Kravis Roberts & Co. (KKR) said it plans to exit its investment in privately held East Resources Inc. in connection with the announcement last week that Royal Dutch Shell plc has agreed to pay $4.7 billion to acquire East Resources’ principal subsidiaries (see Daily GPI, June 1). KKR invested $350 million in Warrendale, PA-based East Resources last year (see Daily GPI, June 10, 2009). That investment “was a catalyst for the growth and development” of East Resources, according to KKR, which said the company succeeded in derisking a substantial part of the Northeastern Marcellus Shale area, developed a critical supply of natural gas to serve the region and saw its annual capital budget grow from $100 million to $350 million over the past year.

Royal Dutch Shell plc on Friday agreed to pay $4.7 billion to acquire subsidiaries of privately held East Resources Inc., instantly giving the supermajor, which is based in The Hague, Netherlands, a substantial foothold in the Marcellus Shale and even more acreage in the Eagle Ford Shale.

Royal Dutch Shell plc on Friday agreed to pay $4.7 billion to acquire subsidiaries of privately held East Resources Inc., instantly giving the supermajor, which is based in The Hague, Netherlands, a substantial foothold in the Marcellus Shale and even more acreage in the Eagle Ford Shale.

Houston-based Quantum Resources Management LLC (QRM), a privately held explorer based in Houston, agreed to pay Denbury Resources Inc. $900 million to acquire a package of natural gas-weighted assets in the Permian Basin of West Texas and southeastern new Mexico; the Anadarko Basin of Oklahoma, Texas and Kansas; and in East Texas.

Houston-based Quantum Resources Management LLC (QRM), a privately held explorer based in Houston, agreed to pay Denbury Resources Inc. $900 million to acquire a package of natural gas-weighted assets in the Permian Basin of West Texas and southeastern new Mexico; the Anadarko Basin of Oklahoma, Texas and Kansas; and in East Texas.

A unit of BP plc is said to be close to completing a joint venture (JV) agreement with privately held Lewis Energy Group that would expand the London-based producer’s U.S. natural gas operations.

A unit of BP plc is said to be close to completing a joint venture (JV) agreement with privately held Lewis Energy Group that would expand the London-based producer’s U.S. natural gas operations.

ExxonMobil Corp., which is buying onshore natural gas shale giant XTO Energy Inc., disclosed on Monday that it also has partnered with a privately held Pennsylvania-based independent to explore nearly 300,000 net acres in the Marcellus Shale.