Cox Oil Offshore, L.L.C. Purchases Majority Interest in Gulf of Mexico Fields from Freeport-McMoRan
August 01 2017 - 6:17AM
Business Wire
Cox Oil Offshore, L.L.C. (Cox Oil), an established, privately
owned, independent oil and gas company, announces the purchase of
certain interests in the Gulf of Mexico Outer Continental Shelf
from Freeport-McMoRan Oil & Gas (FM O&G), a subsidiary of
Freeport-McMoRan Inc. (NYSE: FCX).
“Cox Oil believes in the enormous potential in the Gulf of
Mexico (GoM) and today marks another step forward for the future
success of our company. We are one of the few GoM Operators who are
expanding during the continued downturn in our industry by
identifying and acquiring quality assets with accretive upside,”
said Brad E. Cox, Chairman and Founder of Cox Oil.
“We will continue to expand the company in a way that will
ensure our long term, strategic success in the oil and gas industry
with a fiscally responsible approach to acquisitions and
development of our assets. Freeport’s staff have been outstanding
in their handling of this transaction and we are happy to have the
opportunity to continue and expand upon their legacy in the GoM,”
said Craig Sanders, CEO of Cox Oil.
This transaction includes FCX’s interests in the Flatrock and
Hurricane areas of the OCS-310 “Tiger Shoal” lease. In addition to
normal pressured wells, Cox looks forward to further exploit high
pressure, high temperature (HPHT) wells. The closing date for the
transaction was July 31, 2017.
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version on businesswire.com: http://www.businesswire.com/news/home/20170801005568/en/
for Cox Oil Offshore, L.L.C.Allie Lesiuk,
214-352-6700Allie@strausspr.com
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