E&P America, Inc. (“SK” or the “Company”), a wholly
owned subsidiary of SK innovation Co., Ltd, announced today
that it has entered into a definitive agreement to acquire all of the
outstanding membership interests of Longfellow Nemaha, LLC
(“Longfellow”), a private oil and gas exploration and production company with
assets in the prolific STACK play in Kingfisher and Garfield
Counties in Oklahoma. SK innovation is a leading energy
and petrochemical company engaged in businesses that span the value chain,
including upstream production, refining, chemicals, lubricants, and batteries
to power the future. It is an affiliate of SK Group, which is the second
largest business group in South Korea.
transaction is expected to close in the 2nd quarter of 2018
represent a significant expansion in SK’s core focus area in the U.S.
Kim, President of SK E&P America, said “SK initially
invested in the growing U.S. oil & gas upstream market in 2014, and through
this platform we continue to build a balanced portfolio of conventional and unconventional
assets. This transaction leverages our
operational expertise in the region and represents a significant step towards realizing
SK’s vision of being a top-tier operator in U.S. Lower 48
Mid-Continent region and potentially beyond.”
& Company acted as exclusive financial advisor and Gibson, Dunn &
Crutcher LLP served as legal advisor to SK for the transaction.
SK E&P America, Inc.
E&P America, SK Innovation’s U.S. subsidiary, entered the U.S. market in
March 2014 by acquiring oil and gas assets in Oklahoma (SK Plymouth
Texas (SK Permian LLC). SK has established itself as a leading US operator with a deep
expertise in unconventional resource development and technologies.
SK innovation Co., Ltd
Established as South Korea’s first oil refining
company in 1962, SK Innovation engages in diverse areas of business, including
exploration and production (E&P), batteries, and information and
electronics materials. It owns SK Energy, South Korea’s No.1 refining company,
SK Global Chemical, the leader in the domestic petrochemical industry, SK Lubricants,
a global lubricants company, SK Incheon Petrochem, a refining and chemical
company, and SK Trading International, a trader of crude oils and
petrochemicals. As part of their management system, SK Innovation pursues the
maximization of happiness for all stakeholders. It is for this reason that SK Innovation
recognizes the importance of and pays attention to social enterprise, a way to
create social values through business.