Duma Energy Corp. is buying Hydrocarb Energy for an undisclosed amount.
Hydrocarb is an energy exploration and production company that targets projects in emerging areas. The Houston-based company has offices in Abu Dhabi, the United Arab Emirates and Namibia. Terms of the transaction were not disclosed.
Duma already has a 39 percent stake in Hydrocarb’s 5.3 million acre Owambo Basin property, located in northern Namibia.
The buyer, also headquartered in Houston, is an oil and gas producer in the U.S. The company plans to continue growing through acquisitions, according to a company statement.
The deal follows several other oil and gas deals, including the merger announcement of Pioneer Natural Resources Co. (NYSE: PXD) and Pioneer Southwest Energy Partners LP, and Exco Resources Inc.’s (NYSE: XCO) purchase of $1 billion in undeveloped oil and gas assets.
For more, see “Fracking Fuels Energy Deals.”