BNK Finalizes Woodford Assets Sale

BNK Petroleum Inc. announced that the previously announced sale by its indirect wholly owned subsidiary BNK Petroleum (US) Inc. to XTO Energy Inc., a subsidiary of Exxon Mobil Corporation, of its Tishomingo Field, Oklahoma assets other than the Caney and upper Sycamore formations, for $147.5 million has been closed.

The indebtedness under the Company's credit facility has been paid down to $100,000 with the proceeds from the sale, the Company's hedging positions have been closed and the balance of the $147.5 million sale price less an approximately $400,000 downward price adjustment, has been received by the Company. The Company's credit facility remains in place with the intent of creating future borrowing capacity from reserves associated with any successful Caney/Upper Sycamore wells in the Tishomingo Field.

Wolf Regener, president and CEO, stated: "We are pleased to announce the closing of this transaction, which puts us in a strong debt free financial position to advance our ongoing exploration and development efforts in Oklahoma and Europe. The sale was structured to preserve our rights in the relatively undeveloped Caney and Upper Sycamore formations in the Tishomingo Field, which we believe represent a promising opportunity to develop new oil reserves and production in an area in which we have a successful operating history. We now look forward to the results from our next planned Caney/Upper Sycamore wells, one of which is currently being drilled. We are also making progress on obtaining drilling permits in Europe and anticipate being able to drill a lateral out of our Gapowo B-1 well in Poland later this year."

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PEDEVCO Finalizes Acreage in Mississippian Lime

PEDEVCO Corp. (dba Pacific Energy Development), an energy company focusing on shale oil and gas development and production in the United States and Pacific Rim countries, announced the closing of its acquisition of a 97 percent operated working interest in 7,006 gross (6,763 net) acres in a shale oil asset (the Mississippian asset) located in the Mississippian Lime formation in Comanche, Harper, Barber and Kiowa Counties, Kansas. The Company operates the asset and plans to commence drilling operations in the second quarter of 2013.

Commenting on the transaction, President and CEO Frank Ingriselli noted, "This newly acquired strategic acreage in the Mississippian formation establishes our presence in one of the most significant resources plays in America and triples our existing net acreage position. We look forward to commencing our drilling program on our Mississippian asset which we anticipate will provide a further platform for our organic growth."

Pacific Energy Development also recently announced the results of initial production from its second and third wells, the Logan 2H and Waves 1H, from its Niobrara asset located in Weld County, Colorado.

Riviera-Ensley Energy Advisors served as the principal advisor for this Mississippian asset transaction.

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InterOil Finalizes PNG Farm-In Deal with Pacific Rubiales

InterOil Corporation announced that it has completed the farm-in transaction with Pacific Rubiales Energy Corp. relating to its acquisition of a 10% net (12.9% gross) participating interest in Petroleum Prospecting License 237 (PPL 237) onshore Papua New Guinea, including the Triceratops structure and exploration acreage located within that license. This announcement is made to confirm completion of the Farm-In Agreement with PRE announced July 30, 2012.

On March 23, 2013, PRE funded the final payment of approximately $55 million under the Farm-In Agreement. Together with previous payments PRE has funded the full $116 million cash payment due under the Farm-in Agreement. Additional payments of PRE's drilling costs for the Triceratops-2 well are scheduled to be paid in the coming months.

"InterOil is pleased to have completed the Farm-In Transaction with Pacific Rubiales, a company with a track record of successful exploration and production development," stated Phil Mulacek, Chief Executive Officer of InterOil. "We look forward to appraisal and development of the Triceratops gas and condensate field with our partners."

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EXCO Finalizes $725M Deal with Harbinger Group

EXCO Resources, Inc. announced Friday that it closed its conventional oil and natural gas partnership with Harbinger Group Inc., effective Feb. 14 and received net proceeds of $573.3 million, after preliminary closing adjustments. The cash proceeds received by EXCO were used to repay a portion of its revolving credit facility. EXCO's revolving credit facility now has a $900 million borrowing base with $541 million drawn.

The Partnership holds conventional oil and natural gas assets previously owned by EXCO in West Texas, including and above the Canyon Sand formation, as well as in the Danville, Waskom, Holly and Vernon fields in East Texas and North Louisiana, including and above the Cotton Valley formation. Under the terms of the definitive agreements announced Nov. 5, 2012, the Partnership acquired the oil and natural gas assets from EXCO for $725 million of total consideration. The purchase by the Partnership was funded with approximately $225 million of bank debt, $348.3 million (after preliminary closing adjustments) in cash contributed from HGI and $119.2 million (after preliminary closing adjustments) in oil and natural gas properties and related assets being contributed by EXCO. EXCO has a 50 percent interest in the general partner of the Partnership and a 24.5 percent limited partnership interest in the Partnership. After giving effect to the 2 percent general partner interest in the Partnership, EXCO and HGI own an economic interest in the Partnership of 25.5 percent and 74.5 percent, respectively. The Partnership will be governed by a Board of Directors of the general partner consisting of two EXCO directors and two HGI directors. EXCO will continue to manage and operate the assets as contract operator of the properties and provide services pursuant to contract operating and administrative service agreements with the Partnership.

EXCO and HGI intend to opportunistically add incremental cash flow to the Partnership through the acquisition of other mature, conventional assets over time. On Feb. 14, the Partnership agreed to acquire certain conventional oil and natural gas assets in the Danville, Waskom and Holly fields in East Texas and North Louisiana, including and above the Cotton Valley formation, from an affiliate of BG Group plc for $132.5 million, with an economic effective date of January 1, 2013 and subject to customary closing adjustments. These properties represent an incremental working interest in properties that EXCO contributed to the Partnership. This transaction is expected to close in March 2013. The Partnership intends to fund the acquisition using its revolving credit agreement. In connection with this acquisition, EXCO and BG Group plc agreed to remove these assets from their East Texas/North Louisiana joint venture arrangement, including the termination of the area of mutual interest that was previously applicable to shallow rights acquisitions in the East Texas/North Louisiana area.

"We are pleased to finalize the private partnership transaction with Harbinger Group and look forward to a long and profitable association. This partnership vehicle allows our companies the opportunity to capitalize on a robust market for conventional assets and to build a very substantial entity over the next few years. We are appreciative of the efforts of our collective teams in getting this transaction closed," EXCO's Chief Executive Officer Douglas H. Miller commented.

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Helix Finalizes ERT Sale

Helix Energy Solutions Group, Inc. announced Wednesday that it has closed the previously announced sale of Energy Resource Technology GOM, Inc. (ERT), the Company's oil and gas subsidiary, to Talos Production LLC, a wholly owned subsidiary of Talos Energy LLC, a privately held Houston-based oil and gas company. Proceeds from the transaction were approximately $620 million in cash, as well as overriding royalty interests in ERT's successful Wang discovery and certain exploration prospects. Jeffries & Company, Inc. served as the exclusive financial advisor to Helix in conjunction with the transaction.

A portion of the cash proceeds from the sale of ERT will be used to repay the Company's term loans and revolving credit facility indebtedness as required by the governing credit agreement.

Owen Kratz, President and Chief Executive Officer of Helix, stated that "the sale of ERT is an important milestone in the Company's previously announced strategic plans to grow its Well Intervention and Robotics businesses."

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