Taylor Energy Sells Gulf of Mexico Assets to Two SouthKorean Companies.
Publication: Business Wire
Date: Friday, February 1 2008
You are viewing page 1

New Orleans-based Taylor Energy sells virtually all of its offshore property to KNOC USA Corporation and Samsung Oil & Gas USA Corp for undisclosed sum

NEW ORLEANS -- Taylor Energy Company LLC ("Taylor Energy"), Korea National Oil Corporation ("KNOC") and Samsung Corporation ("Samsung")
today announced that Taylor Energy has agreed to sell substantially all of its Gulf of Mexico shelf oil and gas properties to KNOC USA Corporation and Samsung Oil & Gas USA Corp., subsidiaries of KNOC and Samsung, both South Korean companies.

The transaction includes five producing fields located in the Outer Continental Shelf of the Gulf of Mexico in water depths ranging from 70 feet to over 650 feet. Daily production from the properties is approximately 17,000 boe per day gross. All of the production is currently operated by Taylor Energy. KNOC and Samsung intend to retain Taylor employees with an office in New Orleans and continue as operator.

This acquisition represents the first large, operated acquisition of producing oil and gas properties by KNOC and Samsung in North America. A ceremony was held in New Orleans the evening of January 31, 2008 in recognition of this significant commitment to Louisiana by two South Korean companies. Delegations from Taylor Energy, KNOC, Samsung, as well as Louisiana State officials including the Governor and South Korean government officials including the Vice-Minister of Commerce, Industry and Energy were in attendance.

Phyllis Taylor, Chairman and Chief Executive Officer of Taylor Energy had the following comment: "I am most pleased that the buyers of our offshore assets, KNOC USA Corporation and Samsung Oil & Gas USA Corp., will remain in New Orleans and carry on the tradition established by my husband, Patrick Taylor. The significant capital base of KNOC and Samsung will allow for development and growth far beyond the capacity of Taylor Energy."

Mr. Doo-Yul Hwang, President of KNOC commented, "On behalf of Korea National Oil Corporation and Samsung, I would like to express our genuine excitement about this acquisition. This is an important step for our North American growth strategy. We are very pleased to be joining forces with an organization that has such a deep and rich experience as well as a proven track record of success. We are excited to use this acquisition as a platform for future growth, not only for offshore acquisitions, but onshore acquisitions in North America as well."

The transaction is effective January 1, 2008 and Taylor, KNOC and Samsung have secured board approvals. The transaction is expected to close by March 2008, subject to customary closing conditions.

Scotia Waterous (USA) Inc. acted as exclusive financial advisor and Liskow & Lewis served as legal counsel to Taylor Energy. Merrill Lynch & Co. acted as exclusive financial advisor and Thompson & Knight LLP served as legal counsel to KNOC and Samsung.

Taylor Energy was founded in 1979 by the late Patrick F. Taylor. The company grew to become one of the largest privately held oil and gas companies to operate in the federal waters of the Gulf of Mexico. Following Patrick Taylor's death in 2004 his wife, Phyllis Taylor, assumed the role of Chairman and Chief Executive Officer.

The Korea National Oil Corporation was founded by the South Korean government in 1979 with the purpose to secure stable supplies of petroleum for South Korea. Its major activities are exploration and production, strategic storage and domestic distribution of petroleum with major international assets located in Nigeria, Yemen, Kazakhstan, Russia, Canada, Vietnam, Libya and Indonesia.

Samsung Corporation was founded in 1938 and originated from SAMSUNG GROUP which has been a key driving force behind the growth of the Korean economy. Samsung Corporation operates a wide range of investments to include energy & natural resource development, manufacturing & sales of electronic materials, the conventional business of import-exports, and trilateral trading of chemicals, metals, and machinery. Samsung has a network of over 70 overseas offices.

hey my cell phone is a samsung, they make good electonics, i dont understand the importance of ur post , but nevermind me,

I have a Samsung tv..mighty fine picture

I had a monitor made by Samsung and it was one of the better ones I have owned.

SSC wrote:I have a Samsung tv..mighty fine picture

yep i have notice in walmart the samsung lcds have a good picture, i think my tv man that i practically grew up with on my tvs when i move out here he told me to get a samsung,

nothing bad, about Samsung just saw it on some old news thought it was interesting~

yes it may even turn out to be a good thing, who knows,

Hopefully an economic boost for Louisiana, as we now recieve taxes for oil coming from off shore.

I've had 2 Samsung TV sets so far, this second one is about 5 years old and going strong with no adjustments made yet to any of the controls. So I'd say they make pretty good TV sets.

this has to do with tvs soooo, i had always bought, magnavox 13 and 19 inch tvs for the girls bedrooms and me adn the x, bedroom, well i have one i keep in one of the girls room(i like the woodgrain sides,) but the others went to the lake bedrooms, and ofcourse they have only a cable coaial connection, as new dvds and vcrs do not even have coaxial connections but only rca connections and other modern connections, , but i have older vcrs at teh lake that will connect, and they have rca connections also, I stoped many years ago, doing the antenna in the woods, as in the winter something always chewed the cable, or a tree would fall, so now we only take tapes and dvds and watch either things i record here or a dvd movie, but i say this because rather i use it or not , im going to call the government phone number walmart gave me to get the 2 --$40 buck certificates to buy the converters that walmart sellls for a tad more even if i never use them, u dont need them if ur on cable like here, but if they are almost free im going to do it, i may one day use antenna again at the lake, and i will be long gone before those tvs up there give a problem, , the walmart lady said the easiest way is just call the toll free number on the hand out she gave me, there is a time cut off limit to when this governement offer ends, i just said this because the program is free, almost, u never know if u may need it or not, and it may even give me more differnent connections, they are small, just a thought,

a good thought Rosco, during hurricane season we have had to use rabbit ears to get reception from New Orleans, during Katrina cable was out for almost 3 months, dish service worked for those with generators ,I am getting the box just to put up and have in 2009 hurricane season

We have always bought Curtis Mathis, we have one that is 20 years old~still works.. i think magnavox bought them out now we have a dell and rca also r they are good tvs~

gypsy i do as ssc just posted, when cable goes out i get the tv out of hollys room and put it on the end table in the den, it has a hole to put the rabbit ears in it and i do that, so in that case i will need that box and they are small , walmart has them and the gov will almost buy the whole thing, 2 per address, so im going to get 2, my sister told me her son has already got 2 for her, from his college appartment addy, i told her to get 2 more from her home addy,,u never know, like i said they may give me some versatility on connections, but what ssc just posted on rabbit ears is exactly what i do,

I wasn't asking about rabbit ear.. lol i was asking if magnavox bought out Curtis Mathis years back?

gypsy wrote:We have always bought Curtis Mathis, we have one that is 20 years old~still works.. i think magnavox bought them out now we have a dell and rca also r they are good tvs~

my dad was always an rca man, in my den i have a rca dvd player and vcr, and a proscan tv which is just a cadilac, rca, so i have all rca things, and since my dvd remolt is the smallest, and best , it will control every aspect of the tv which has tv guide, and it controls every aspect of my vcr, some univeral remolts do nto control the menu, but this is an rca for my dvd so it conrols the menus on all three things,
magnavox is good, and a good picture, i think but not sure magnavox adn symphonic aare the same as magnavox remolts work symphonic tvs and visa versa, i think they are made by the electonic company funia, well i know they do as i just looked at a dvd vcr combo that is still in the box i bought, this week, i may take back the vcr is just a player but it was such a good by, 39 bucks, but factory refurbished, i could nto resist, walmart wants 59 for the same thing, i cant pass any electornics,, without trying to figure some way i can use it, i may use this at the lake it it will fit where i have my vcr now, in the den,,as i dont record vcr up there,since i dont have the antenna connected, when i did or do i have to run a signal booster, and ita a tad of a pain, so i jsut record shows and take up there, and movies,

ok lol I will look it up`"_

i do not know if curtis mathis was bought out by magnavox or not, i had alsways heard they were good products made in the usa,, like i said magnavox,and symphonic, are made by funia, rca and ge are made by thompson electronics, if ur curtis is 20 years old if ur dish or cable goes out and u still have power, u will need that free gov offer of boxes and run it off rabit ears, till the cable or dish is back up and running,

LOL yes i know:)

OTA, as buckwheat says, lol

I guess,like illegals, it makes me a bit worried ,that foreign companies are buying up all of america~ one reason i posted the south Korean buy,, i know they are suppose to be our allies,..


real reason i posted it.. just think how much foreign imports we buy,

do you think this buy out ,will help us more ,or south Korea?

If the Koreans continue to produce oil from off the Louisiana coast and increase the production as stated making it a state of the art oil drilling platform, the benefit is obvious for not only Louisiana but the rest of the country.