This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Freepoint Commodities Finances Acquisition Of Offshore Oil And Natural Gas Producing Assets

Stocks in this article: WTI XOM





















STAMFORD, Conn., Aug. 19, 2013 /PRNewswire/ -- Freepoint Commodities LLC ("Freepoint") today announced that its subsidiary Commerce Oil LLC, together with affiliates of Apollo Global Management, LLC and Summit Partners Credit Advisors, L.P., closed a transaction to provide more than $110 million of acquisition and redevelopment capital to Whistler Energy II, LLC ("Whistler").  This financing enabled Whistler to acquire 100 percent of the working interests in two oil and natural gas producing blocks in the Gulf of Mexico (Green Canyon 18 & 60) from an ExxonMobil affiliate (NYSE: XOM) and W&T Offshore, Inc. (NYSE: WTI).  Whistler additionally acquired the GC 18 offshore production platform in the transaction.  Committed funding by Freepoint will also finance the field redevelopment program to be carried out by Whistler's veteran offshore oil and gas management team led by CEO Scott Frankel.

The GC 18 platform is situated 150 miles offshore Louisiana in 750 feet of water.  Historic production rates peaked at 30,000 barrels per day.  Freepoint has the right to serve as the physical offtaker of existing and future oil and natural gas production from the platform.  This investment, like Freepoint's earlier acquisition of natural gas wells in Wyoming, reflects Freepoint's strategy to invest in hydrocarbon producing assets.

"This transaction is another example of how Freepoint is well positioned to provide both financing and physical trading capabilities to the upstream energy sector," said Brian Cumming, Managing Director and Head of Structured Finance for Freepoint. 

"I view this partnership as a perfect opportunity to redevelop a world-class asset with our new partners," said Scott Frankel, CEO of Whistler.

Evercore acted as Freepoint's exclusive financial advisor for this transaction.

Sutherland Asbill & Brennan LLP acted as Freepoint's legal advisor.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs