M&A Deal Summary

Noble Energy Acquires U.S. Exploration Holdings

On February 6, 2006, Noble Energy acquired oil/gas exploration company U.S. Exploration Holdings from Lime Rock Partners and GCP Capital Partners for 411M USD

Acquisition Highlights
  • This is Noble Energy’s 1st transaction in the Oil/Gas Exploration sector.
  • This is Noble Energy’s 4th largest (disclosed) transaction.
  • This is Noble Energy’s 2nd transaction in the United States.
  • This is Noble Energy’s 1st transaction in Montana.

M&A Deal Summary

Date 2006-02-06
Target U.S. Exploration Holdings
Sector Oil/Gas Exploration
Buyer(s) Noble Energy
Sellers(s) Lime Rock Partners
GCP Capital Partners
Deal Type Add-on Acquisition
Deal Value 411M USD

Target

U.S. Exploration Holdings

Billings, Montana, United States
U.S. Exploration Holdings, Inc. is an oil and gas producing company with operations focused on developing natural gas reserves in the Denver-Julesburg basin of Colorado.

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Buyer(S) 1

Buyer

Noble Energy

Houston, Texas, United States

Category Company
Founded 1932
Sector Oil/Gas Exploration
Revenue 4.4B USD (2019)
DESCRIPTION
Entrance to Noble Energy's corporate headquarters in Houston, Texas.
Entrance to Noble Energy's corporate headquarters in Houston, Texas.

Noble Energy is an independent oil and natural gas exploration and production company committed to meeting the world’s growing energy needs and delivering leading returns to shareholders. The Company operates a high-quality portfolio of assets onshore in the United States and offshore in the Eastern Mediterranean and off the west coast of Africa. Founded more than 85 years ago, Noble Energy is guided by its values, its commitment to safety, and respect for stakeholders, communities and the environment. Noble Energy was formed in 1932 and is based in Houston, Texas.


DEAL STATS #
Overall 2 of 4
Sector (Oil/Gas Exploration) 1 of 3
Type (Add-on Acquisition) 1 of 3
State (Montana) 1 of 1
Country (United States) 2 of 4
Year (2006) 1 of 1
Size (of disclosed) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2005-05-16 Patina Oil & Gas

Denver, Colorado, United States

Patina Oil & Gas Corporation is an independent energy company engaged in the production, development, exploitation and acquisition of oil and natural gas properties, principally in the Wattenberg Field of Colorado's Denver-Julesburg Basin.

Buy $3.4B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-09-18 Oil & Natural Gas assets - Noble Energy

United States

Oil & Natural Gas assets includes approximately 84,000 net acres primarily in the Granite Wash, Cleveland, and Marmaton plays in western Oklahoma and the Texas Panhandle.

Sell $595M

Seller(S) 2

SELLER

Lime Rock Partners

Westport, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 10.4B USD
Size Mega
Type Sector Focused
DESCRIPTION

Lime Rock Partners is a private investment firm focused on growth capital investments in the energy industry. Specifically, Lime Rock looks for companies engaged in exploration & production, energy service, and oil service technology in North America and Europe. Lime Rock's target investment size is $50 to $150 million in businesses valued up to $500 million. Lime Rock Partners was formed in 1998 and is affiliated with Lime Rock Resources. Lime Rock Partners has offices in Westport, Connecticut; Aberdeen, Scotland; and Houston, Texas.


DEAL STATS #
Overall 7 of 62
Sector (Oil/Gas Exploration) 1 of 23
Type (Add-on Acquisition) 4 of 25
State (Montana) 1 of 2
Country (United States) 4 of 29
Year (2006) 2 of 4
Size (of disclosed) 6 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-02-01 Roxar ASA

Stavanger, Norway

Roxar is an international provider of products and associated services for reservoir management and production optimization. Its primary products and services are multiphase subsea meters and reservoir management software.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-03-01 Global Energy Services

Houston, Texas, United States

GES (ex IDM Group) is an equipment and service supplier to the global drilling industry. Its land drilling systems division provides short lead times and innovative solutions (AC rigs, polar rigs, skid-mounted rigs). The company acquired South West Oilfield Products, a provider of rig fluid ends and drilling consumables, and Lousiana Electric Rig Services, a manufacturer of electric control systems for offshore and onshore rigs, in 2008. Global Energy Services was founded in 1975 and is based in Houston, Texas.

Buy -
SELLER

GCP Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Merchant Bank
Founded 2000
PE ASSETS 1.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

GCP Capital Partners consists of GCP US, GCP Europe, and GCP Venture. GCP US targets North American acquisitions. The unit looks to invest $10 to $50 million in businesses valued up to $500 million. GCP Europe targets businesses in the UK and Europe. The European team looks to invest up to £40 million in companies valued up to £100 million. Sectors of interest include business services, education, energy, financial services, insurance and telecommunications.


DEAL STATS #
Overall 5 of 24
Sector (Oil/Gas Exploration) 2 of 5
Type (Add-on Acquisition) 2 of 10
State (Montana) 1 of 1
Country (United States) 5 of 22
Year (2006) 3 of 5
Size (of disclosed) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-02-03 Energy Transfer Partners

Dallas, Texas, United States

Energy Transfer Partners LP is an owns and operates approximately 71,000 miles of natural gas, natural gas liquids, refined products, and crude oil pipelines. Energy Transfer Partners was formed in 1995 and is based in Dallas, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-01 Augustus Energy Partners

Billings, Montana, United States

Augustus Energy Partners, LLC is a private exploration and production company based in Billings, Montana that focuses on the acquisition of oil and gas properties in the Rocky Mountain, Mid-Continent and Gulf Coast regions.

Buy -