HOUSTON--(BUSINESS WIRE)--Talos Energy LLC, a privately held Houston-based oil and gas company, today announced its wholly owned subsidiary, Talos Production LLC, has completed its acquisition of Energy Resource Technology GOM, Inc. (“ERT”), the oil and gas subsidiary of Helix Energy Solutions Group, Inc. (NYSE: HLX) for $620 million. The ERT assets, located in the Gulf of Mexico, averaged 16,155 barrels of oil equivalent per day in December and are over 70% oil-weighted. ERT also recently announced the success of the Wang exploration well that encountered more than 100 feet of high quality net oil pay in the Phoenix Field, located in Green Canyon Block 237. Helix will also retain an overriding royalty interest in the Wang discovery and certain exploration prospects.
“We are excited to reach such an important milestone in closing the ERT transaction and are encouraged by the results of the Wang discovery,” said Tim Duncan, President & CEO of Talos Energy LLC. “We believe that combining these high cash flowing, oil-weighted assets with our 24,000 square miles of seismic data and a talented team of professionals leave us well-positioned to build a significant E&P company in the Gulf of Mexico and lower Gulf Coast.”
Talos Energy, headquartered in Houston, is a portfolio company of funds affiliated with Apollo Global Management, LLC (NYSE: APO) and Riverstone Holdings LLC, which committed up to $600 million in equity to Talos in February of 2012.
About Talos
Talos Energy LLC (Talos) is a private upstream oil and gas company focused on exploration and the acquisition/exploitation of oil and gas properties with a focus in the Gulf of Mexico and Gulf Coast. Talos is backed by investment funds affiliated with Apollo Global Management, LLC (NYSE: APO), Riverstone Holdings LLC, and Talos management. For more information about Talos, please visit our website at www.talosenergyllc.com.
About Helix
Helix Energy Solutions Group, headquartered in Houston, Texas, is an international offshore energy company that provides development solutions and other key life of field services to the energy market as well as to its own oil and gas business unit. For more information about Helix, please visit our website at www.HelixESG.com.
About Apollo Global Management, LLC
Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo had assets under management of approximately $110 billion as of September 30, 2012 in private equity, credit and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com.
About Riverstone Holdings LLC
Founded in 2000, Riverstone Holdings LLC is an energy and power-focused private equity firm with over $24 billion of equity capital raised across seven investment funds and co-investments, including the world’s largest renewable energy fund. Riverstone conducts buyout and growth capital investments in the midstream, exploration & production, oilfield services, power and renewable sectors of the energy industry. With offices in New York, London and Houston, the firm has committed approximately $20.9 billion to 95 investments in North America, Latin America, Europe, Africa and Asia. For more information, visit www.riverstonellc.com.