February 2012 - Tulsa, OK
Tulsa based BlueStone Natural Resources, LLC recently closed on the sale of its wholly owned subsidiary, Columbus Energy, LLC, to Memorial Production Partners, LP. The divestment results in the transfer of its ownership in more than 500 gas wells located in South Texas. Under the terms of the agreement, BlueStone will continue to operate the properties as a contractor to the purchaser under the terms of a transition services agreement between the parties. The length of this transition period has yet to be determined, but should last well into 2012.
In addition, BlueStone has formed BlueStone Natural Resources II, LLC which represents the management team’s third partnership with capital sponsor Natural Gas Partners. Shortly after formation, the new company closed on two acquisitions, valued at more than $50 million. The new properties include more than 125 operated wells located in Texas.
John Redmond, President of the BlueStone entities adds, “The BlueStone management team could not be more excited about continuing our partnership with who we feel is the premier equity sponsor in our space. This partnership will provide access to the capital resources necessary to continue our acquisition centric business plan”.