GE Energy Financial Services announced Wednesday it has formed separate partnerships with two companies to acquire oil and natural gas reserves in Texas and North Dakota for $202 million, according to Associated Press.
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The General Electric Co. (NYSE: GE) subsidiary and Marlin Energy LLC formed a partnership which acquired natural gas reserves near Midland, TX, from an undisclosed seller for $65 million.
In the second transaction, a partnership of GE and Sequel Energy LLC agreed to acquire oil and gas reserves in the Williston Basin in McKenzie County, ND, from St. Mary Land & Exploration Co. for $137 million.
Marlin Energy and Sequel will operate their respective assets as GE Energy Financial Services will be a limited partner in both operations.
The companies declined to disclose the size of the reserves but said they are in producing fields. Other financial and operational details were not disclosed.
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