New Houston energy company buys Louisiana assets

Houston-based Pintail Oil and Gas LLC has agreed to buy oil-producing assets in southwestern Louisiana for $44 million from Oklahoma-based Midstates Petroleum Company Inc. (NYSE: MPO) and a subsidiary.

Pintail, which was formed last year with more than$50 million from North Carolina-based Ridgemont Equity Partners, is making its first major assets buy. The deal includes 12,700 net mineral acres near Dequincy, Louisiana, in Beauregard and Calcasieu parishes not far from the Texas state line.

The properties involved produce about 1,300 barrels of oil equivalent a day, according to Midstates. The transaction does not include Midstates’ acreage and interests in the Fleetwood area of Louisiana.

Pintail is more>>