Deepwater O&G Projects Attract New High Stakes Bidders
Oil giants Exxon Mobil and BP were outgunned at a recent lease sale for the Block 107 deepwater tract in Walker Ridge area.
April 07, 2015 at 09:00 AM
3 minute read
Oil giants Exxon Mobil and BP were outgunned at the recent U.S. Department of the Interior's lease sale of land in the central Gulf of Mexico by Houston Energy and its partner Red Willow Production Co.
Houston Energy and Red Willow put down $52.2 million for the Block 107 deepwater tract in Walker Ridge area. The Houston-based consortium also was the highest bidder in Outer Continental Shelf Sale 235 held in March in New Orleans.
Red Willow is one of the portfolio companies for the Southern Ute Indian Tribe Growth Fund. Bob Zahradnik, the operating director of Southern Ute, was involved in the acquisition of Block 107.
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