Home | Business News | Browse by Publication | T | The Oil Daily

Private equity firm to buy troubled producer.

Publication: The Oil Daily
Publication Date: 16-SEP-09
Format: Online
Delivery: Immediate Online Access
Full Article Title: Private equity firm to buy troubled producer.(Apollo Management L.P. acquired with Parallel Petroleum Corp.)

Article Excerpt
Private equity firm Apollo Management has agreed to step in and buy struggling exploration and production firm Parallel Petroleum for $483 million.

The transaction appears to be one of the first bailouts of a distressed oil and gas company in the US, although many such deals had been predicted in the wake of the financial and economic crisis which started to unfold last fall.

Parallel has operations in the Permian Basin and...



More articles from The Oil Daily
Bullish economic news lifts crude prices ahead of inventory data.(Brie..., September 16, 2009
Obama administration finalizes plans to ramp up fuel economy.(Barack O..., September 16, 2009
Daily oil & gas price review.(Statistical table), September 16, 2009
Sources say Saudi Aramco has picked winners for big gas contracts.(Sau..., September 16, 2009
Acting chairman placed in charge of Libya's National Oil Corp., September 16, 2009

Looking for additional articles?
Search our database of over 3 million articles.

Looking for more in-depth information on this industry?
Search our complete database of Industry & Market reports by text, subject, publication name or publication date.

About Goliath
Whether you're looking for sales prospects, competitive information, company analysis or best practices in managing your organization, Goliath can help you meet your business needs.

Our extensive business information databases empower business professionals with both the breadth and depth of credible, authoritative information they need to support their business goals. Whether it be strategic planning, sales prospecting, company research or defining management best practices - Goliath is your leading source for accurate information.