Atlas Acquires More Assets in Fort Worth Basin
The oil and gas explorer taps the Texas/Oaklahoma petroleum reserve once again with DTE deal
Atlas Resource Partners LP (NYSE: ARP) agreed to acquire a subsidiary of DTE Energy Co. (NYSE: DTE) for approximately $255 million.
DTE had been exploring a sale of DTE Gas Resources LLC, which produces roughly 35 million barrels of oil equivalent in the Fort Worth basin in Texas.
The transaction, expected to close in December 2012, is ARP's third deal in 2012 within the Fort Worth basin, a massive petroleum-producing area that spans north central Texas and southwestern Oklahoma.
In September, ARP purchased a 50 percent interest in Fort Worth assets from Equal Energy Ltd. for $40 million. It also agreed to acquire the assets of Titan Operating LLC, a Fort Worth oil and gas explorer, for $184 million, in May.
Jeff Schlegel of Jones Day advised Atlas on the acquisition of DTE.
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