First U.S. originated sukuk issued by Texas-based oil company

"BSEC announces the successful closing of the first ever oil and gas Shariah compliant securitisation", AMEinfo, June 20, 2006

The Texas-based oil company East Cameron Partners made the first U.S. originated sukuk issue with their US$165.67 million issue. The issue was handled by Merrill Lynch and the Beiruit, Lebanon-based company Bemo Securitisation (BSEC), which provides Shari'ah-compliant securitization to SMEs. According to the AMEinfo story:

"This deal is the first ever Islamic securitisation rated by S&P; it is the first ever Islamic securitisation originated out of the US. It is the first securitisation embedding Shariah compliant hedges. It is also the second Islamic true sale securitisation originated and structured by BSEC. "

East Cameron Partners has reserves based offshore of Louisiana.