Portland co. buys Montana oil fields
A global oil company based in Portland has made its first acquisition in the U.S. oil market.
Magellan Petroleum Corp., which recently moved its headquarters from Hartford to Portland, has acquired an 83.5% controlling interest in Denver, Colo.-based Nautilus Poplar LLC, which owns and operates oil fields in Roosevelt County, Montana, according to a press release from Magellan. Magellan paid $10.9 million for the controlling interest. The two oil fields purchased were first discovered in the early 1950s and have reserves of between 700 and 800 million barrels of oil, according to the release.
Magellan is traded on the Nasdaq and owns oil and gas fields in Australia, New Zealand and the United Kingdom. The recent acquisition marks the company's entry into the domestic U.S. oil market. "Our entry into North America is a fairly substantive one," William Hastings, Magellan's CEO, said in the release. "We gain a highly regarded technical staff and a key development position."
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