July 2007 – Tulsa, OK
BlueStone Natural Resources has acquired Columbus Energy for an undisclosed amount. Columbus will continue to operate as a subsidiary of BlueStone.
Columbus, which has assets concentrated in South Texas and the Rocky Mountains, operates more than 140 wells in these areas producing more than 17.8 MMCFED.
In a separate transaction, BlueStone purchased additional interests in certain South Texas properties operated by Columbus from a subsidiary of Samson.
The funding for the transactions was provided, in part, by a $100MM credit facility with Bank of America, NA.
BlueStone was formed in February 2006 utilizing funds from the management team and Natural Gas Partners. Natural Gas Partners is an affiliate of NGP Energy Capital Management, a private equity firm based in Irving, Texas, that invests in all sectors of the energy industry. BlueStone is based in Tulsa, Oklahoma, with field offices in Laredo, Texas and Sidney, Montana.
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