ERG Resources Sells to Linc Energy

Houston-based ERG Resources is selling 14 oil fields along the Texas and Louisiana Gulf Coast to Linc Energy for $236 million. Andrew Schneider has more.

Over the next twelve months, Linc Energy plans to increase production on the purchased fields to more than 6300 barrels per day, using additional drilling. That’s up from 3300 barrels per day at the present. The Brisbane, Australia-based firm is also exploring the possibility of using carbon dioxide to expand production further.

Peter Bond is Linc Energy’s CEO.

“We’d like to make other purchases, similar purchases, along the Gulf Coast. We will be setting up an office in Houston. We gain about 25 employees with the ERG purchase, and we’ll be growing that significantly, I think, over the next year or two, so it’s quite significant to our overall plans.”

ERG is scheduled to hand over control of the fields on August 1st.

Bio photo of Andrew Schneider

Andrew Schneider

Business Reporter

Andrew Schneider joined KUHF in January 2011, after more than a decade as a print reporter for The Kiplinger Letter...