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Castleton Commodities International LLC acquires Paradox Basin upstream and midstream assets of Patara Oil & Gas LLC

Wednesday, Jan 16, 2013

Castleton Commodities International LLC (“CCI” or the “Company”) announced that it has acquired, through its subsidiaries, the Paradox Basin Upstream and Midstream Assets (together, the “Paradox Assets”) of Patara Oil & Gas LLC (“Patara”).

“The Paradox Assets represent the first platform investment in a broader effort, led by Charles Chambers, to pursue attractive opportunities in the upstream natural gas sector. CCI is excited about adding this experienced and successful group of professionals to Charlie’s team to further our initiatives.”

The Paradox Assets consist of 180 oil and gas wells and 150,000 net acres in mineral leases providing a significant proved reserve base as well as a midstream gas processing facility and a 262-mile gas gathering system. The Paradox Assets are located in the four corners region of Utah and Colorado. As part of the acquisition, CCI is establishing a Denver office which will include taking on Patara’s veteran team of technical, operating, and management personnel. CCI will operate all of the Paradox Assets.

“This acquisition exemplifies our investment philosophy of focusing on quality assets that complement our existing merchant activities and build upon our long and successful track record in the energy sector,” said William C. Reed II, President and Chief Executive Officer of CCI. “The Paradox Assets represent the first platform investment in a broader effort, led by Charles Chambers, to pursue attractive opportunities in the upstream natural gas sector. CCI is excited about adding this experienced and successful group of professionals to Charlie’s team to further our initiatives.” The CCI team has an established history of successful development and operation of assets having managed a large portfolio of energy related assets for several years before their sale in 2011.

Source: Business Wire

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