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Burnett affiliate buys Famcor’s assets in southeast Texas
Magnolia Petroleum, a Dallas-based partnership of Burnett Petroleum and PE firm CIC Partners, acquired the assets of Houston-based Famcor Oil. The purchase includes 70 operated wells in San Jacinto, Liberty, Montgomery and Polk counties. Burnett affiliate Arcadia Operating acquired a minority stake and will oversee operations.As of March, Famcor had gross operated production of 1,057 boe/d (72% oil) from multiple formations including the Cockfield, Yegua and Wilcox, according to TGS data. Two-thirds of the......
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