GE's Unit, Casillas Petroleum Partner To Buy Oil & Gas Reserves In Kansas

(RTTNews) - Conglomerate General Electric Co.'s (GE) unit, GE Energy Financial Services, has teamed up with Casillas Petroleum Corp. to purchase oil and gas reserves in southwest Kansas from Cimarex Energy Co. (XEC) for undisclosed terms. This marks the first collaboration between GE and Casillas Petroleum.

The assets consist of over 500 producing wells spread across 14 counties in Kansas. Tulsa-based Casillas Petroleum would operate the properties and serve as the general partner of the partnership. GE Energy Financial would be the sole limited partner and would provide both acquisition and development capital to help grow the partnership's reserves.

Greg Casillas, president of Casillas Petroleum, said, "Our investment with GE allows us to grow our business through a high-upside oil and gas field acquisition, while maintaining the financial flexibility to continue to drill new wells."