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Orinoco Natural Resources, LLC

Company Summary

Description

ONR is a Houston, Texas based natural resources firm owned by Tom and Ana Clarke. The Clarkes, through their multi-billion dollar portfolio of companies, have been very active acquiring energy assets including coal, iron ore, coke, and oil and gas in recent years. These entities include active mines and platforms as well as sites in need of responsible reclamation and decommissioning. The Clarkes also control the Virginia Conservation Legacy Fund, Inc. (“VCLF”), a non-profit seeking sustainable approaches and public awareness about natural resource use and protection. VCLF and its affiliates have conserved over 35,000 acres of land, including Virginia's Natural Bridge.

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Company Transactions

Date: 5/10/2018
Type: Acquisition

BUYERS:
  • Orinoco Natural Resources, LLC
    • SELLERS:
  • Energy XXI Gulf Coast
    • DETAILS:

    VOLUMES: 4.58 MBOE/d

    NOTES:
    Under terms of the deal, Orinoco will receive a 35% equity ownership position in Energy XXI. In exchange, Energy XXI is divesting assets with a annual plugging & abandonment expenses of $30-$40 million, and annual G&A costs of $10 million. Production from the assets is approx. 3 Mbbl/d in crude oil and 9.5 Mmcf/d in natural gas. Energy XXI will also issue Orinoco a $100 million, ten-year, second lien note amortized ratably beginning in 2019 at a 9$ annual interest. They are also paying Orinoco upfront cash of $12.5 million, followed by $12.5 million in payments six months later.
    REGIONS:
  • Gulf of Mexico