South Korea-based industrial group Samsung C&T is reportedly in talks to acquire US energy company Parallel Petroleum for around $870m.
Parallel Petroleum an independent energy company headquartered in Midland, Texas. The company focuses on the acquisition, development and production of oil and natural gas, with operations primarily concentrated in the Permian Basin of West Texas and New Mexico, the largest onshore oil and natural gas basin in the US.
In August, it was reported that Apollo were an eyeing an exit for the Texas-based company, with Samsung as on of the potential buyers. The firm acquired the company during a difficult year for petroleumcompanies, which were being adversely affected by falling oil prices.
At the time, Parallel reported its oil and gas revenues had dropped from $100m in the first half of 2008 to $38.1m in the first half of 2009.
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