CM - Bankruptcies: Halcón emerges again; EP Energy goes in - October 2019Halcón Resources emerged from Chapter 11 bankruptcy protection on Oct. 8 about $800 million lighter and with a new $750 million senior secured reserve-based revolving credit facility that features an initial $275 million borrowing base. It is the company’s second time through the process within three years, having shed $1.8 billion in debt in 2016. Halcón said its newly reduced debt load will also decrease annual interest expenses by over $40 million. Post-emergence, the company has $147...
Oct 25, 2019
CM - Alta Mesa left with $86MM in cash after draining revolver - April 18, 2019Alta Mesa Resources maxed out its credit revolver, leaving the company with $86
million in cash. The STACK pure play, which has yet to file its 4Q18 and 2018 earnings
after finding “ineffective internal control over financial reporting,” also retained advisors
to consider its options.
The company had $100
million left undrawn on Feb. 25 on
its $400 million senior secured revolving credit facility. However, the facility was reduced to
$370 million on April 1 after the most recent borrowing base...
Apr 18, 2019
Riverstone investing up to $500MM with Three Rivers teamRiverstone Holdings will commit up to $500 million from its managed fund to a
team it has worked with three times before, the management behind Three Rivers
Natural Resource Holdings IV LLC. The new Austin, Texas-based oil and gas company
will focus on opportunities in the Permian Basin, where the previous three Three Rivers
iterations have worked. Three Rivers IV management will also make equity commitments,
the company said.
The Three Rivers IV team will continue
to be led by CEO Mike...
Feb 14, 2019
CM - Developments & Trends - October 04, 2018Cibolo Energy Management, LLC
closed its first fund Cibolo Energy Partners
I, L.P. at $245 million excluding affiliate
investments. Cibolo specializes in middlemarket
upstream and midstream companies.
Investors in Fund I include pension
plans, asset managers, fund of funds,
endowments and foundations, family offices,
and high net worth individuals. Run by
Justin Teltschik and JW Sikora, Cibolo now
manages over $300 million of committed
capital. Rockdale Energy is among
Cibolo’s portfolio...
Oct 04, 2018
Ascent Utica places $600MM in eight-year notesAscent Resources Utica Holdings, LLC and its finance arm ARU Finance Corp. placed $600 million aggregate principal amount of 7% senior unsecured notes due 2026 with qualified institutional investors at 99.236 for just over $595.4 million in gross proceeds. The company is using the proceeds to redeem $525 million of its existing $1.5 billion outstanding in 10% senior unsecured notes due 2022 at 110 plus accrued and unpaid interest, and to pay down borrowings under its revolving credit...
Oct 04, 2018
Apollo forming SPAC to focus on North American pipelinesApollo Global Management LLC has reportedly formed an energy-focused blank check company to invest in North American oil and gas pipeline infrastructure. Sources told Bloomberg that the private equity group filed a confidential registration statement with the SEC for a special purpose acquisition corporation that intends to execute an initial public offering this year. The group also has a management team in place for the SPAC, the sources said.Apollo has not yet partaken in the SPAC...
Jun 21, 2018
Kodiak buys Bakken one year before acquired by Whiting - 5 Years AgoIn what would turn out to be the third-largest deal in 2Q13, Kodiak Oil & Gas acquired substantially all the upstream assets of fellow Bakken-Three Forks pure-play Liberty Resources LLC for $660 million cash. The acquisition included 42,000 net acres (90% HBP) in the Rough Rider area of the Williston Basin which boosted Kodiak's portfolio to 196,000 net acres. Kodiak would be acquired a little over a year later in July 2014 by Whiting Petroleum for $6.0 billion.Liberty's assets are...
Jun 06, 2018
PE group Waterous will buy out Cona for $90 millionThe board of Western Canada E&P Cona Resources has agreed to a $90 million buyout offer proposed by Waterous Energy Fund and affiliates for the remaining 33% stake in the company that they did not already own. Cona would be taken private at $2.55 per share to be paid in cash to shareholders, a 31% premium over Cona’s 20-day volume weighted average price of $1.94 as of March 6.The company, which announced the deal March 7 along with its FY17 results, said it had received counsel from...
Mar 14, 2018
Fieldwood Energy’s Ch. 11 plan will reduce $1.6B in debtOne of the largest producers in the Gulf of Mexico filed for Chapter 11 bankruptcy protection Feb. 15 in the court for the Southern District of Texas. Fieldwood Energy LLC came to court with a restructuring support agreement in hand calling for a combination of a debt-for-equity swap and the purchase of Noble Energy Inc.’s Gulf-based oil and gas assets, a slightly less ordinary RSA than what the court usually sees. But then Fieldwood is no ordinary filer; it’s backed by Riverstone Holdings...
Mar 06, 2018
SPAC Silver Run II completes $3.1B deal to focus on STACKRiverstone Holdings portfolio company Silver Run Acquisition Corp. II completed its $3.1 billion acquisition of STACK-focused companies Alta Mesa Resources and Kingfisher Midstream LLC to form the first publicly traded STACK pure-play company. The newly combined company retained the name Alta Mesa Resources and started trading on Nasdaq on Feb. 12. Riverstone and Alta Mesa management each own 34%.’ PLS M&A Database valued the midstream assets at $1.34 billion based on 7.3X 2018 EBITDA...
Mar 06, 2018
Silver Run closes merger with Alta Mesa and KingfisherRiverstone Holdings portfolio company Silver Run Acquisition Corp. II completed its merger with major STACK-focused companies Alta Mesa Resources and Kingfisher Midstream LLC,forming the first publicly traded STACK pure-play company. The merged entity has a $3.8 billion market cap, with Riverstone and Alta Mesa management owning 34%.Tudor, Pickering, Holt & Co.was Silver Run’s exclusive financial advisor;Citigroup advised Alta Mesa and JP Morgan and Barclays advised...
Feb 14, 2018
Lucid & EnCap Flatrock sell Delaware Basin unit for $1.6BLucid Energy Group and sponsor EnCap Flatrock Midstream entered an agreement to sell its Delaware basin subsidiary Lucid Energy Group II LLC to a joint venture controlled by Riverstone Global Energy, Riverstone Holdings-managed investment fund Power Fund VI, and funds managed by the Merchant Banking Division of Goldman Sachs. The $6.1 billion deal is expected to close later in Q1. Lucid II will retain its name and management team while operating as a Riverstone and Goldman Sachs MBD portfolio...
Jan 24, 2018
Riverstone & Goldman Sachs buy Delaware system for $1.6BAn EnCap Flatrock Midstream-sponsored company agreed on Jan. 8 to sell
1,700 miles of natural gas gathering pipelines and 585 MMcf/d in processing capacity
in the Delaware basin for $1.6 billion to a joint venture that includes Goldman Sachs.
The multinational finance giant is a regular bookrunner but rarely a midstream buyer,
suggesting that it believes in big-ticket projects in the Delaware.
Lucid Energy Group and its financial sponsor, EnCap Flatrock,
will sell Lucid Energy Group II...
Jan 08, 2018
Alta Mesa completes wells and digests STACK acquisitionAlta Mesa Holdings grew its position in the STACK through the drill bit and acquisitions in 3Q17. The company completed 36 horizontal wells in the Osage and Meramec formations, and had 43 horizontal wells in progress at the end of Q3. Of these, 13 went on production in October. In April, PLS reported that the company planned to drill and complete 150 wells in 2017. Production averaged 20,500 boe/d (67% liquids), a 51% gain YOY.The company has amassed a highly contiguous leasehold...
Nov 30, 2017
Centennial, Riverstone & others raise a combined $855MMCentennial Resource Development, Inc. announced that it sold $350 million aggregate principal amount of senior unsecured notes due 2026 to eligible purchasers four days after a group of selling shareholders held a public offering of 25 million of the company’s Class A common shares at $20.20 each for $505 million. More than 20 million of the shares were sold by entities related to Riverstone Holdings while over 1.0 shares were sold on behalf of Silver Run Sponsor LLC and almost...
Nov 22, 2017