PetroPoint Energy Buys Oil Properties in Lobo and Olmos Areas

PetroPoint Energy Partners has bought oil and gas properties in the Lobo and Olmos areas of South Texas from Rosetta Resources Operating LP for $95 million.

As quoted in the press release:

The remaining properties under the agreement are anticipated to close in the third quarter of 2012.

Pinpoint Energy Partners’ president and CEO, George Laflin, stated:

These assets are on concentrated acreage positions held by production. They fit our strategy to provide stable cash flow due to their long life, low decline rates and a suitable inventory of recompletions and low risk new drilling opportunities.

Click here to read the PetroPoint Energy Partners press release.