Talos Energy LLC is going to buy Lousiana based Stone Energy Corp. “The merged technical resources, talent and balance sheet of the new company will allow an acceleration of Talos already strong project inventory development and give them the power to seek compelling exploration and transactional opportunities.At closing, stakeholders will have a 63 percent ownership of Talos, and Stone Energy shareholders get the remaining 37 percent, according to the report. The expected credit facility will be $1 billion with a $600 million initial financing capacity and no long-term note maturities until the year 2022.
Duncan will be named the new CEO of Talos Energy Inc. Talos’ legal committee included Paul, Weiss, Rifkind, Wharton and Garrison LLP and Vinson – Elkins LLP while Feld LLP and Akin Gump Strauss Hauer acted as legal counsel to Stone.Stone registered for bankruptcy status last year in Houston claiming $1.23 billion in assets versus $1.75 billion of debt. This alliance signifies Stone’s progress in reforming its finances stated chairman Neal Goldman in the press release.In addition, during Talos’ 2013 acquisition of Energy Resource Technology GOM Inc, they announced in they found approximately 2 billion barrels in Mexico at an exploration well.
Talos Energy, an independent gas and oil firm that has an executive team boasting decades of expertise conducting production and overseas exploration. Talos is skilled at gaining active developed and shelf assets in deepwater regions in the Gulf of Mexico, then examining, utilizing and optimizing the assets employing innovative systems and drilling tools. A group which has been operating together for well over ten years, Talos Energy LLC has garnered a proven and constant background of success. In 2012 Before starting Talos, the team developed and sold both Gulf-based gas and oil companies Gryphon Exploration Co. and Phoenix Exploration Co. Both of which provided substantial returns to investors.Due to this firm foundation, Talos continues to develop a quicky growing, world-renown firm with a commitment to environmentally friendly, safe and compliant operations. Talos also strives to maintain a competitive advantage by continually seeking to discover new and more efficient methods of operation.