Northstar Offshore Ventures Acquires Gulf of Mexico Oil and Gas Assets

HOUSTON, Aug. 26, 2017 /PRNewswire/ -- Northstar Offshore Ventures LLC (NOV), a Houston, Texas based, wholly-owned subsidiary of Orinoco Natural Resources, LLC (Orinoco), is pleased to announce that it has acquired certain oil and gas assets from Northstar Offshore Group, LLC (NOG) pursuant to a Section 363 sale of the U.S. Bankruptcy Code. The sale order was approved by U.S. Bankruptcy Judge Marvin Isgur on Aug. 2, and effective on Aug. 1, 2017. The Assets sold are all located on the Outer Continental Shelf of the Gulf of Mexico and consist of eight producing fields, nine non-producing fields, and two primary term lease blocks. The purchase price was $13.25 million in cash plus other consideration. Investment Banking firm Parkman Whaling LLC conducted the sales and marketing process and CR3 Partners, LLC acted as Chief Restructuring Officer and Financial Advisor to NOG.

NOV will be run by President & CEO David Dean, Sr. Vice President and CFO Avery Alcorn, Sr. Vice President – Land Brian Macmillan, and Vice President – Production Keith Krenek. CEO David Dean is quoted as saying, "We are excited to be joining the Orinoco family and working with Tom Clarke and his team to develop the outstanding portfolio of opportunities that exist in these properties and expand the business through acquisitions."

Orinoco is a Roanoke, Virginia based natural resources firm owned by Tom and Ana Clarke. Tom and Ana Clarke have been very active acquiring coal and other mining assets in recent years. The Clarkes also control the Virginia Conservation Legacy Fund, Inc. a non-profit seeking sustainable approaches and public awareness about natural resource use. VCLF has conserved over 30,000 acres of land, including Virginia's Natural Bridge.

SOURCE Northstar Offshore Ventures LLC