GE Energy Financial Services said Wednesday it has formed separate partnerships with two companies to acquire oil and natural gas reserves in Texas and North Dakota for $202 million.
The General Electric Co. unit and Marlin Energy LLC, which is based in Lafayette, La., formed a partnership which acquired natural gas reserves near Midland, Texas, from an undisclosed seller for $65 million. Marlin Energy will operate the assets.
In the second transaction, a partnership of GE and Sequel Energy LLC agreed to acquire oil and gas reserves in the Williston Basin in McKenzie County, N.D., from St. Mary Land & Exploration Co. of Denver for $137 million. Sequel, which is headquartered in Denver, will operate those assets.
GE Energy Financial Services will be a limited partner in both operations.
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The companies declined to disclose the size of the reserves but said they are in producing fields. Other financial and operational details were not disclosed.
GE's unit, which is based in Stamford, Conn., provides partnership equity for independent oil and gas partner-operators in the United States.