S Korea’s Samsung C&T mulls buying Parallel Petroleum for around $919.6 mn
22 Aug 2011
South Korean trading firm Samsung C&T today said that it is planning to buy independent US oil firm Parallel Petroleum.
"We are actively pursuing oil, natural gas and mineral resources business...but no final decision has been made on Parallel Petroleum," the Seoul-based company said in a statement.
Founded in 1979, Parallel Petroleum is an independent energy company headquartered in Midland, Texas, focused on the acquisition, development, exploration and production of oil and gas using enhanced oil recovery techniques and 3-D seismic technology.
Its primary areas of operation are the Permian Basin of West Texas, Gulf Coast of South Texas, East Texas, and areas of North Texas Barnett Shale, Cotton Valley Reef, New Mexico and Utah.
Parallel Petroleum is owned by private equity firm Apollo Global Management, which had acquired an 84.62 per cent stake in 2009 for $438 million had selected JP Morgan as an adviser in July for the sale of Parallel Petroleum.
Online news provider Money Today had said that Apollo Global, which has $38 billion of assets under management, was seeking around 1 trillion won ($919.6 million) for Parallel Petroleum.
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