Californian minnow NiMin Energy has announced its plans to liquidate and dissolve the company with a bang, selling one of its two key producing assets to BreitBurn Energy Partners for around $98 million.
The 3200-net-acre Big Horn Basin oil asset in Park County,
Wyoming produces around 600 barrels of oil per day as of last month.
The Carpinteria-based, Toronto-listed explorer has not even put its
dissolution plans to shareholders yet, but will now present both today’s sale
and the move to wind up the company - begun on the recommendation of financial
advisors Maquarie Capital - for shareholders to vote upon.
NiMin Energy also said that it was working toward selling
its only other significant producing asset in the San Joaquin basin. It also holds acreage onshore southern Louisiana.
BreitBurn president Randy Breitenbach called the acquisition
“another excellent bolt-on” for the company in the Big Horn Basin given the
assets adjoin its existing operations.
Estimated proved reserves at the property run to around 5.9 million
barrels of oil equivalent with additional unproved potential, according to
BreitBurn Energy Partners is a publicly-traded independent limited
partnership with assets in Michigan, Wyoming, California, Florida, Indiana, and