Under the terms of the participation agreement, Carrier will have the right to participate in 49% of Panther’s working interest in wells drilled. The drilling program is set to commence in September 2014.
Mark Clemans, President and CEO of Carrier, commented, "Carrier’s non-operated business strategy is highly dependent on the strength and expertise of the operator with whom we partner. Panther has a proven track record and we are excited about our partnership with them for the development drilling projects in West Texas."
Evercore Partners advised Carrier on the transaction.
