A&D - Maverick acquires in East Texas in first post-bankruptcy buy - April 2019In its first acquisition since emerging in April 2018 from bankruptcy as the successor
of BreitBurn Energy Partners, privately held Maverick Natural Resources consolidated
its operated position at Overton field in East Texas. The company took full control of its
properties by buying the remaining 50% WI, adding 7,600 net acres and 16
MMcfe/d of net production (28% liquids). The assets’ current net production
is 2,700 boe/d. Maverick is backed by private equity firm EIG Global
Energy...
Apr 24, 2019
SES - Peregrine Energy Partners Highlights - April 04, 2019Peregrine Energy Partners
agreed to acquire royalty interests in
Santa Rosa County, Florida, from an
undisclosed seller. The transaction
includes royalty interests in 40
producing wells in Jay field targeting
the Smackover trend. Jay field is
operated by Breitburn Energy and
has OOIP of 1...
Apr 04, 2019
A&D - Maverick seeks buyers for Michigan Basin assets - April 2019Maverick Natural Resources, the successor to BreitBurn Energy Partners,
has hired Houlihan Lokey to market assets in the Michigan Basin. The assets
consist of 246,342 net acres with an average operated 88% WI targeting primarily
gas from the Antrim formation plus certain oil-weighted formations.
Current net production
is 35 MMcfe/d (87% gas)
from ~2,600 wells, and projected
cash flow this year is $27 million. The assets hold 246 Bcfe of proved reserves.
The Antrim assets produce 28 MMcf/d (100%...
Apr 03, 2019
Equity raises on spring break while debt does the workDebt—its accumulation and disposal—was the dominant theme as spring redetermination season on credit facilities is in full force, companies continue to clean up their balance sheets and the bankruptcy courts see new cases come and go.After a protracted restructuring period, BreitBurn emerged from Chapter 11, shed its unique Upstream MLP structure for an LLC, changed its name to Maverick Natural Resources and starts out with a debt load over $2.8 billion lighter than when it filed for...
Apr 19, 2018
Breitburn becomes Maverick after emerging from Chapter 11After nearly two years, Upstream master limited partnership BreitBurn Energy
Partners emerged from Chapter 11 bankruptcy protection on March 26 to become
limited liability company Maverick Natural Resources on April 6. Maverick is
majority owned and controlled by funds managed by EIG Global
Energy Partners.
Following the approval
of a third amended joint plan to restructure
the debt, Maverick’s new debt load of about $105 million is substantially less than the
$2.96 billion in...
Apr 19, 2018
Bankrupt Breitburn rejects Lime Rock’s $1.8 B takeover bidBankrupt MLP BreitBurn Energy Partners rebuffed a $1.8 billion unsolicited cash takeover offer from Houston-based Lime Rock Resources. Lime Rock made the offer in January while Breitburn and its shareholders waged a contentious battle over the valuation of the company during the confirmation hearing for its reorganization plan in the US bankruptcy court in Manhattan. In a Feb. 9 filing with that court, Breitburn said that it was not required to “pursue conditional offers thrown across the...
Feb 14, 2018
Breitburn equity holders oppose Chapter 11 reorg planBreitBurn Energy Partners shareholders launched a vehement offensive against a reorganization plan for the bankrupt upstream master limited partnership that would wipe them out. A lawyer for the current shareholders told a US Bankruptcy Court in New York the proposed plan, which was filed by the company in December, is based on a low valuation that effectively gives away assets to select creditors and rewards management at the expense of shareholders. Lawyers for the company urged US...
Jan 19, 2018
Late fall finance patterns and sell-offs true to formIt’s that time of year again—the weather gets colder, families gather to uphold traditions and some midstream companies like to issue fixed-to-floating rate cumulative redeemable perpetual preferred units. Energy Transfer partners sold $1.5 billion of them while and DCP Midstream Partners also partook in the seasonal festivities. Also in time for Christmas, possibly $80/bbl oil according to some traders and analysts . And shareholders who sold some of their stakes in Centennial Resource...
Nov 22, 2017
Anadarko sells Green River position for $350 millionAs it continues to execute its Permian and oil-focused portfolio management program, Anadarko announced it has sold its entire position in southwest Wyoming’s Green River Basin for $350 million. This latest disposal of gas assets follows several gas asset sales as well as Anadarko’s exit from the Eagle Ford earlier this year via a pair of large deals in January and May. UBS Securities assisted Anadarko with the latest divestiture, which is expected to close before year’s end.The Green...
Nov 08, 2017
Breitburn makes $1.4B acquisition from QuicksilverThe US shale revolution was still in its infancy in September 2007. The largest deal that month was Breitburn Energy Partners’ $1.4 billion acquisition of Quicksilver Resources’ assets in Michigan’s Antrim Shale and Albany Shale assets in Indiana and Kentucky. Breitburn gained 76 MMcfe/d and 530 Bcfe proved reserves on 529,698 net acres (922,564 gross) in that deal, which closed the following...
Sep 27, 2017
Rockcliff buys Samson’s East TX, North LA assets for $525MMSamson Resources is divesting 40% of its net acreage through the $525 million sale of its core East Texas and North Louisiana assets to Quantum Energy Partners-backed Rockcliff Energy II. The deal comes about three months after Samson hired Jefferies and Houlihan Lokey Capital to market the property after emerging from bankruptcy in March. For Rockcliff, the deal establishes it as a major producer in the region and equips it with extensive midstream...
Aug 15, 2017
Breitburn bonus plan ambiguous & objected to - August 24, 0216Breitburn Energy Partners’ plan to pay out about $11.6 million in bonuses under an incentive plan was met with an objection in US Bankruptcy court. Under Chapter 11 protection since May 16, the partnership asserted that the recipients are not “insiders” but key employees, without disclosing their titles, roles and job descriptions. The objection asserts, among other things, that the information is insufficient, not allowing the court to determine if the participants are corporate officers or...
Aug 25, 2016
WL Ross & Co. making distressed energy debt buysNotable investor Wilbur Ross’ namesake firm WL Ross & Co. has been amassing hundreds of millions in distressed energy debt, according to the Wall Street Journal, signifying a bet on the industry’s imminent turnaround from the prolonged slump. His firm sat out the beginning of the downturn, and apparently rightfully so, as big names poured a lot of money into energy debt they perceived were bargains at the time, but weren’t.WL Ross is seeking to swap debt for ownership...
Aug 20, 2016
Ark-La-Tex Quick News - July 28, 2016• There are 26 rigs, 24 gas and two oil, running in the ArkLaTex region this issue, down from 58 YOY. • There are 19 rigs targeting the Haynesville shale, down from 27 YOY. • De Soto Parish, Louisiana, has five rigs running, down from six YOY. • Breitburn Energy Partners completed one of the top wells this issue. The Murray-McElroy A (ALLOC) #2H at Overton field in Cherokee County, Texas, was drilled with a ~7,000-ft lateral and flowed 10.7 MMcfe/d on a 38/64-in. choke....
Jul 28, 2016
A&D - Deals Briefs - April 03, 2019Houston-based private investment
firm BlackGold Capital Management
acquired a portfolio of overriding
royalty interests in Ohio’s Utica shale in
conjunction with undisclosed co-investors.
The company said the ORRI will provide
investors a portion of the revenue from
natural gas production. “The energy sector
is in a multi-year transition and the industry
remains under stress,” BlackGold cofounder Adam Flikerski said. “We believe
there is strong demand for us to fill a gap
left by banks and...
Apr 03, 2019