FOR IMMEDIATE RELEASE
UPSTREAM EXPLORATION ACQUIRES ASSETS OF CENTURY EXPLORATION
RETAINS MAJORITY OF MANAGEMENT TEAM AND OPERATIONAL STAFF
AND WILL BE HEADQUARTERED IN METAIRIE LOUISIANA
Metairie, Louisiana—(Business Wire)—February 22, 2016— Upstream Exploration LLC (“Upstream” or the “Company”) a privately-held independent oil and gas exploration and production company, announced today that it has acquired substantially all of the assets of Century Exploration, LLC and Century Exploration Houston, LLC. Upstream’s operations will be focused primarily in the shallow waters of the Gulf of Mexico, offshore Louisiana, and along the U.S. Gulf Coast in Louisiana and Texas. The Company will also own producing properties and leasehold interests in Oklahoma and Nebraska. Upstream is owned 100% by Highbridge Principal Strategies’ managed funds.
Upstream has retained the majority of the Louisiana-based employees of Century Exploration and its corporate headquarters will be in Metairie Louisiana. The Company has a highly skilled management and operations team with a proven track record of successful and safe operations that have worked together for an average of 15 years. The management team is led by Michael Willis, President, and includes Mark Wojna, Vice President Exploration; Harvey Kelley, Vice President Operations; Tony Richards, Vice President Engineering; and Gary Cessac, Drilling Manager. Upstream currently has 21 employees in its Metairie offices.
Michael Willis, Upstream’s President, commented “We are pleased to have worked closely with Highbridge to acquire a high quality asset base from Century Exploration and retain the majority of their highly experienced management team and employee base. We believe that our strong technical and operational experience, coupled with an attractive capital structure, will enable us to create value and capitalize in the current energy price environment.”
Don Dimitrievich, Head of Energy and Power at Highbridge Principal Strategies, LLC added, “We recognized the value of the team that Michael has assembled and the potential of the properties that were acquired. We are pleased to assist our portfolio companies to navigate through the current down cycle and prosper on the other side. Over the long term, we remain very constructive and believe the current environment provides great investing opportunities.”
About Upstream Exploration
Upstream Exploration is a privately held, independent oil and gas exploration and production company focused on the exploration, exploitation and development of oil and gas properties, primarily in the shallow waters of the Gulf of Mexico and along the U.S. Gulf Coast. The Company is headquartered in Metairie Louisiana and has approximately 21 total employees in its headquarters and field locations.
Al Petrie, Investor Relations Coordinator
Michael Willis, President