Deal: York Capital and Sole Source Capital-backed Cantium buys Chevron assets


[Context: On July 1, York Capital and Sole Source Capital-backed Cantium announced the acquisition of Outer Continental Shelf Gulf of Mexico assets from Chevron. Further details are below.]


New York and Houston – July 1st, 2017 – Cantium, LLC, a privately-owned independent oil and gas company backed by York Capital Management and Sole Source Capital, today announced it has acquired Chevron’s Bay Marchand and Main Pass Gulf of Mexico assets. The acquisition includes five fields located on the Gulf of Mexico’s Outer Continental Shelf and in Louisiana state waters.

“This acquisition demonstrates Cantium’s commitment to reinvigorating the Gulf of Mexico’s Outer Continental Shelf. We are working with the Chevron team to ensure a smooth transition of operatorship, and we look forward to welcoming the Chevron employees joining our team of renowned global experts,” said Cantium’s managing partners and founders Richard Kirkland, CEO, and Mark Ian Smithard, COO.

“We are thrilled to partner with Cantium,” said a representative of York Capital. “Richard and Mark have assembled a highly respected team, with broad experience in the Gulf and a history of safely managing these assets.”

The acquisition includes 300 active wells, 151 platforms, caissons, and other offshore structures, along with the Port Fourchon onshore treatment plant. Field operations will continue to be based in Covington, Louisiana. The financial terms were not disclosed.

About Cantium, LLC
Cantium, LLC is an operating oil company established in 2016. The management team uniquely draws equally from operating and service company executives. The firm will leverage an integrated data management and advanced analytics approach to liberate value from mature fields. Cantium is named for the Iron Age Cantii tribe of Kent, England.

About York Capital Management
York Capital Management is an investment firm that was established in 1991. The firm pursues a multistrategy investment style and manages over $16 billion. The primary offices are in New York, London, and Hong Kong.

About Sole Source Capital
Sole Source Capital is an investment firm focused on special situations investments in the industrial, energy, and materials sectors. The firm is headquartered in Los Angeles.

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