The partnership will acquire about 13,000 net acres and associated Woodbine production from an affiliate of EnerVest, which are situated around 20 miles northeast of College Station in Brazos, Madison and Grimes counties.
For a majority stake, GE invested $77m, while Vess Oil affiliate, as a general partner, acquires the remaining interest in the assets and serves as operator.
The companies also partnered to acquire reserves in Brazos county and Kansas, while a separate Vess Oil affiliate is developing Woodbine reserves in the Kurten Field, adjacent to the newly acquired assets.
Vess Oil CEO Barry Hill said, "Our partnership with GE accomplishes our strategic objective of expanding our operations in Brazos County and provides a platform for growth through bolt-on acquisitions in this area."
GE Energy Financial Services managing director and oil and gas team leader Ray Edgar said the company is excited to be partnering with the Vess team.
"This transaction contributes to the growth not only of Vess but also the seller, EnerVest, both of which have played a significant role in our success over the past two decades," Edgar added.
