Radiant Oil & Gas Inc. has acquired an oil and gas project in Louisiana for an undisclosed amount.
The project, called the Garnet project, is a 1,000 acre field in St. Mary Parish, Louisiana. The property contains about 500 wells. Radiant expects the acquisition to add more than $45 million to its reserves, and has identified 21 areas where it can re-work abandoned wells or drill new wells.
Radiant, headquartered in Houston, focuses on oil and gas exploration and production in the onshore and shallow waters of the U.S. Gulf Coast. The company outbid four other parties for the purchase, according to a statement. Radiant picked up other oil and gas properties for $19 million in November.
Other recent oil and gas deals have come from Riverstone Holdings, Barclays Natural Resource Investments and Temasek, which collectively invested in Origo Exploration AS in August, and Valero Energy Partners LP (NYSE: VLP), which acquired oil and gas assets in Texas for $154 million in June.