Contact Information: Doug Krenek President & CEO Chalker Energy Partners II, LP 713-586-6663
Chalker Energy Partners II Closes on Sale of East Texas Oil and Gas Properties
| Quelle: Chalker Energy Partners II, LP
HOUSTON, TX--(Marketwire - April 23, 2008) - Chalker Energy Partners II today announced the
recent closing of the sale of certain oil and gas properties in Harrison
and Marion Counties, Texas to a major independent exploration and
production company for an adjusted purchase price of $10.4 million. The
properties include two producing wells and over 2,000 acres of leasehold in
the Cotton Valley Trend of East Texas.
Commenting on the transaction, Doug Krenek, President & CEO of Chalker II,
said, "With this sale, we have now completed the sale of all of our East
Texas assets. Our combined East Texas sales have netted proceeds to
Chalker II of approximately $270 million. Looking forward, we plan on
divesting our North Texas properties sometime this summer. These
properties are owned and operated by Tempo Resources Ltd., a subsidiary
company. I am very proud of the Chalker II team, the efforts of our
dedicated staff and partners, and the accomplishments of all those involved
since our formation in April 2006. We look forward to continuing our
partnership with Quantum Energy Partners as we start up Chalker Energy
Partners III later this summer. Our business plan going forward will be to
focus upon strategically acquiring and exploiting acreage in east Texas and
other opportunistic areas."
About Chalker Energy Partners II
Chalker Energy Partners II is an oil and natural gas acquisition,
exploitation, development and production company headquartered in Houston,
Texas. Chalker Energy Partners II is a privately held portfolio company of
Quantum Energy Partners. To learn more about Chalker Energy Partners II,
please visit www.chalkerenergy.com.
About Quantum Energy Partners
Founded in 1998, Quantum is an investment firm specializing in the energy
industry with over $3.2 billion in capital under management, of which $2.0
billion is in its family of private equity funds and $1.2 billion is in its
direct property acquisition fund, Quantum Resources, which it co-manages
with Aspect Energy, LLC. Quantum targets investments in the oil & gas,
midstream, service, and related energy sectors. To learn more about
Quantum, please visit www.quantumep.com.