A&D - Public Gas Partners seeking buyers for Permian assets - June 2019Public Gas Partners Inc. has retained Meagher Energy Advisors to assist in the
sale of certain non-operated assets across 15 Texas counties primarily in the Permian.
The assets cover ~8,731 net acres (primarily HBP) and ~699 net mineral acres and
include about 200 active wells.
Current net production of 107 boe/d (80% oil) is estimated to generate a net cash
flow of $51,640/month for the assets. The company is offering 23.6% WI (18.8% NRI) in
the existing wells and 80% average effective...
Jun 27, 2019
A&D - Champion Lone Star seeks buyers for conventional CBP assets - April 2019Privately held Champion Lone Star Partners is shopping its conventional Permian
Central Basin Platform assets in Winkler County, Texas, in working interest and overriding
royalty interest sub-packages. The assets cover 3,302 net acres and hold 55 PDP wells
and 190 shallow drilling locations. The buyer will acquire an operated 100% WI and 75%
NRI in the working interest assets, and
11.5% ORRI in the royalty package.
Net production from December
to February averaged 2,174 boe/d, of which...
Apr 03, 2019
A&D - Champion retains Stephens to shop CBP assets - March 2019Privately held Champion Lone Star Partners retained Stephens, Inc. to market its operated conventional Central Basin Platform assets in Winkler County, Texas. The position covers 3,302 net acres with an operated 100% WI (75% NRI) and has ~190 shallow conventional PUD drilling locations, of which 95 deliver IRRs of ~75% and 12 are permitted. D&C costs run $770,000 per well. From December to February, average net production was 1,885 boe/d, which generated average monthly net cash flow in...
Mar 13, 2019
A&D - Nichols Bros. shops multiple assets in bankruptcy sale - March 2019Tulsa-based Nichols Brothers Inc. has retained Continental Energy Advisors to assist in the sale of its operated assets in New Mexico, Oklahoma and Texas as part of its Chapter 11 filing for bankruptcy. The entire position covers ~38,000 gross acres, mostly in New Mexico and Oklahoma, with operated working interests of 96-100% (65-87% NRI). It includes 345 wells in New Mexico and 430 active and 589 inactive wells across the other regions. Current production from the assets is 547 boe/d...
Mar 13, 2019
Four Sevens, Sinclair & Chugash shop Midland assetsFour Sevens Operating, Sinclair Oil & Gas and Chugash Exploration put up for sale their4,963-net-acre position in Howard County, Texas, within the Midland Basin. The three sellers retained Stephens, Inc. to shop this package, which is comprised of 3,572 operated net acres, 701 net acres of unleased minerals within the sellers’ operated pooling units, 533 net non-operated acres within 12 units (average 6.4% WI) and 156 non-unitized net acres.The three companies have identified 109 gross...
Jan 30, 2019
CM - Developments & Trends - November 15, 2018 Middle market private equity
investor One Equity Partners agreed to
sell Philadelphia-based chemical company
PeroxyChem LLC to German specialty
chemical maker Evonik Industries for
$625 million, or around 10.4x EBITDA.
The deal is expected to close in mid-2019
subject to regulatory approval. One Equity
acquired PeroxyChem in 2014. The New
York-based PE group, spun off from JP
Morgan 17 years ago, has Wilbanks
Energy Logistics, Pipe Exchange and
Anvil International as current...
Nov 15, 2018
Excalibur hires Stephens to shop Anadarko Basin assetsDallas-based Excalibur Resources has retained Stephens, Inc. to sell four asset packages that together constitute its Anadarko Basin assets targeting the Penn sand across multiple counties in Oklahoma. The 53,000-net-acre position holds total net reserves of 31.3 MMboe and net PDP reserves of 1.8 MMboe.Average Q2 net production of 660 boe/d from the Red Fork, Marchand, Cleveland and Cottage Grove formations generated monthly LTM average net cash flow of $570,000. There are 83 net highly...
Oct 31, 2018
Riley Exploration Permian plans $115 million IPORiley Exploration Permian, Inc. said it is targeting a $115 million capital raise through an initial public offering of its common shares with underwriters Seaport Global Securities and SunTrust. The company will trade on NYSE under the symbol REPX. If completed this year, Riley would be the fourth upstream IPO of 2018, following Berry Petroleum in July and blank-check companies Spartan Energy Acquisition Corp. in August and Pure Acquisition Corp. in April. The Oklahoma City company was...
Oct 04, 2018
Oasis readies for dropdowns with more borrowing powerOasis Midstream Partners LP agreed to a first amendment of its $250 million credit agreement on Aug. 27 with its 19-member syndicate that would raise the facility up to $400 million upon completing pecified dropdown transactions of one or more development companies referenced in the MLP’s EBITDA projections for FY19. The MLP sub of Oasis Petroleum Inc. said it expected to grow through accretive dropdown acquisitions and may receive additional stakes in two development companies it owns...
Sep 13, 2018
Energen holders get 19% premium in $9.2B D’back buyoutDiamondback Energy Inc. and Energen Corp. signed a definitive agreement for an all-stock takeover of Energen in a deal worth $9.2 billion that includes the assumption of $831 million of debt. Energen shareholders will receive 0.6442 of a Diamondback common share for each of their common shares. The share payout is based on Diamondback’s Nasdaq closing price of $131.87 on Aug. 13, implying a value of $84.95 per Energen share, a 19% premium over its NYSE Aug. 13 close. Energen holders will end up...
Aug 23, 2018
A&D - News Briefs - July 18, 2019Asset management company Eagle
Natural Resources acquired an operated
50% WI in the Strawn production facilities
and lease in North Texas from Londonlisted Mosman Oil & Gas Ltd. for $75,000.
Located in Young and Archer counties,
Texas, the assets cover 1,300 net acres
with seven leases. Mosman acquired
Strawn in 2017 as its first operated asset
in the US. Going forward, it will sharpen
focus on its operated Welch asset in
the Permian, which it says has more
development potential. Meanwhile,...
Jul 18, 2019
CS - News Briefs - May 07, 2019Permex Petroleum Corp. launched
a private placement on April 22 of 4-10
million units at $0.15 each to gross up to
$1.5 million. The units contain one common
share and a two-year warrant
for another common share at
$0.25. The warrants’ expiry
could accelerate if Permex’s CSE share
price rises to $0.50 for 10 consecutive
trading days. Units are subject to a fourmonth-one-day lock-up period. Permex
has assets in the Permian Basin and will
use proceeds to restart waterfloods, bring
online...
May 07, 2019
CS - A&D Briefs - November 07, 2018Calgary’s Cuda Oil & Gas is
acquiring additional assets within the
Powder River Basin in Converse and
Natrona counties, Wyoming. Production
from the 3,667 net-acre (11,000 gross)
position is 50 bbl/d. The operator plans
initially to optimize the field operations and
increase production through a series of
work-overs and recompletions. Cuda was
formed in September when it completed its
merger with Quebec-focused Junex Inc. Privately held Shafam Resources
is marketing royalty and...
Nov 07, 2018
CM - News Briefs - October 26, 2018 Plano, Texas-based Torchlight
Energy Resources, Inc. closed a $6.0
million debt financing via the placement
of 16% Series C unsecured convertible
promissory notes. Principal and interest
will be payable in one
balloon payment at
maturity on April 17, 2020.
The notes are convertible, at the election of
the holders, into an aggregate 6% working
interest in certain oil and gas leases in
Hudspeth County, Texas, known as the
company’s Orogande project. Torchlight
will use proceeds to drill three...
Oct 26, 2018
CS - A&D News Briefs - October 17, 2018Fortem Resources is acquiring
a 100% WI in three oil leases in north
central Alberta for $3 million. The position
is located on 51,200 net acres with
extensive development and production
from the Wabiskaw formation. The leases
expire in September 2028, January 2029
and March 2029. The deal is expected
to close on Nov. 15, with Fortem having
an option to extend this date by 60 days
upon payment of an additional $100,000
deposit. Fortem holds properties in the US,
Western Canada and Myanmar,...
Oct 17, 2018