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Petro Harvester Oil and Gas, an exploration and production company focused on acquiring and operating conventional oil and gas producing properties and backed by affiliates of TPG Capital (a leading private investment firm, have just announced the purchase of long-life oil properties in central and southern Mississippi and southern Louisiana from Denbury Resources Inc. The acquisition includes 138 operated wells in 29 producing oil and gas fields and represents their third oil property investment in a 13 month period in which they have spent more than $400 million.
"This new acquisition builds on our experience and success of operating in Mississippi," said Jim Sinclair, President and COO at Petro Harvester Oil and Gas. "Petro Harvester continues its strategy of acquiring well established, long-life, oil-weighted fields, with opportunities for operational improvements to increase production and reserves. We believe these assets will be a great addition to our portfolio."
Michael MacDougall, partner at TPG Capital said, "In just over a year, Petro Harvester has made three significant acquisitions and continues to look for opportunities to expand its platform. The experienced management team we have backed has demonstrated that strong operational focus can bring substantial additional value to existing oil and gas assets."