Wapiti Energy Holdings LLC has closed on oil properties in Texas for $375 million.
The buyer bought the properties from Layline Petroleum LLC, a Houston energy company that tries to increase production from oil fields.
Houston-based Wapiti focuses on exploration, acquisition and exploitation of oil and gas properties. The company has closed more than $1 billion in oil and gas property deals since it was formed in 2000
Wells Fargo Bank NA and Scotiabank provided a senior-revolving line of credit for the deal, and Carlyle Energy Mezzanine Opportunities Fund LP supplied subordinated financing.
Deals in the oil and gas sector have been constant in part because of the U.S.’ attempt to reduce dependence on foreign oil.
In May, NorthWestern Energy (NYSE: NEW) agreed to buy natural gas interest in Montana’s Bear Paw Basin. In April, energy companies Contango Oil & Gas Co. (NYSE: MCF) and Crimson Exploration Inc. (NYSE: CXPO) decided to merge. Also in April, Atlas Pipeline Partners LP (NYSE: APL) announced it would pick up Teak Midstream LLC for $1 billion.
M&A in the oil and gas sector has also spurred deal making in the industry’s supporting companies. For example, in May, MasTec Inc. (NYSE: MTZ) bought oil and gas pipeline construction company Big Country Energy Services Inc., and Clearlake Capital Group LP bought a division of Archer Ltd. that rents oil and gas equipment.