CM - Startup Sixth Creek Energy will seek $250MM-plus investments - June 2020Denver-based Sixth Creek Energy, which just formed this quarter, said it will pursue the addition of institutional investors to its capital base if the size of an opportunity dictates. The company disclosed in an investor presentation that initial capital commitments from management, friends and family will total around $50 million. The company is working with Houston-based investment and merchant bank Rivington Holdings. Sixth Creek said its strategy was to acquire low-risk PDP...
Jun 26, 2020
PS - People & Companies - June 3, 2020Abraxas Petroleum missed the deadline to file its Q1 results on May 11 and has filed for a 45 day extension with the SEC. The company’s operations have experienced disruptions because of the coronavirus, including office closures, communication issues between the company and its professional advisors and the unavailability of key personnel required to prepare financial statements. Abraxas has assets in the Williston and Permian basins. Battalion Oil board member and chairman of the...
Jun 03, 2020
NGP entity selling $678 million of HighPoint common stockEntities owned by Irving, TX-based private equity group NGP will sell up to 100 million shares of DJ Basin- and Rockies-focused HighPoint Resources Corp. for $6.78 a share, according to a May 29 registration statement. HighPoint, the result of a combination of Bill Barrett Corp. and NGP-controlled Fifth Creek Energy Co. LLC, which is now structured as a HighPoint subsidiary, said that the common stock sale represents 47.2% of the company’s 212 million shares outstanding.HighPoint said...
Jun 01, 2018
High Point resituated, plans to spend up to $550MM in 2018HighPoint Resources Corp., the DJ Basin-focused reincarnation of Bill Barrett Corp. that combined with Fifth Creek Energy in Q1, said it was “off to a fast start” with a legacy NE Wattenberg program reporting of a “solid quarter.” The company expects to spend $500-$550 million on capex this year with $135-$145 million in Q2 after spending $112.1 million in Q1.CEO and President Scot Woodall said the company is on track to achieve its objectives with three drilling rigs and two...
May 11, 2018
Bill Barrett completes $649MM buy of Fifth CreekBill Barrett Corp. and NGP-backed Fifth Creek Energy closed a $649 million deal creating a premier DJ Basin-operator called High Point Resources with acreage conducive for extended lateral well (XRL) development. High Point holds 151,100 net acres and an inventory of 2,865 undeveloped drilling locations (~95% XRL) prospective for multiple Niobrara horizons and the Codell formation and provide strong weighted average economic returns of 56%-98% IRRs) at strip pricing. The combined...
Apr 02, 2018
Concho and TPG score first billion-plus deals of 2018The US upstream sector finally saw its first billion-plus deals of 2018 with Concho Resources' $9.5 billion acquisition of RSP Permian in the largest US upstream deal since 2012 (PG. 1), and TPG Pace Energy's acquisition of Enervest's South Texas division for $2.66 billion in the third largest US upstream SPAC deal since the downturn (PG. 1). Those deals bring total YTD upstream M&A to $19.3 billion across 92 deals, compared to last year's $24.15 billion across 108 transactions, led...
Apr 02, 2018
Bill Barrett now High Point, gets facility increaseBill Barrett Corp. completed its
strategic combination with Fifth Creek
Energy Co and de-personalized
its name to HighPoint
Resources Corp. Its NYSElisted
stock started trading
under the new symbol HPR on March
20. CEO and President Scot Woodall
said the new name reflects an “exciting
new era.” It also amended its credit
facility with its 12 lenders to increase
its borrowing base to $375 million
from $300...
Mar 28, 2018
Bill Barrett transforms into HighPoint ResourcesHighPoint Resources, formerly known as Bill Barrett Corp, completed its transition to a DJ Basin pure-play operator in Q1 through its strategic combination with Fifth Creek Energy. The combined company will run two drilling rigs on its northeast Wattenberg acreage in Q1 to drive production of 20,000-22,222 boe/d (60% oil). That would be flat compared with 4Q17 volumes, with operations modestly impacted by high line pressures associated with third-party gas processing constraints and third-party...
Mar 21, 2018
What the Analysts are Saying About 'A&D' - February 14, 2018Bill Barrett Corp. (BBG; $5.16 – Jan. 25; Neutral)The recently announced Fifth Creek merger is progressing apace toward a late
Q1 close, with the proxy filing expected early to mid-February for a mid-March
shareholder vote. Management plans to refresh guidance post-closing as it firms up the
schedule to draw down outstanding DUCs (three of 12 were recently brought to sales,
with the remainder slated for the March/April timeframe). BBG also eyes significant
well cost savings as it takes...
Feb 14, 2018
Apollo commits $850MM to Powder River's NorthwoodsFunds managed by Apollo Global Management, comprising Apollo Investment Fund VIII LP and Apollo Natural Resources Partners II, have committed up to an $850 million equity investment in Northwoods Energy. Northwoods recently entered into a definitive agreement to buy 112,200 net acres in the Powder River Basin from SM Energy. Northwoods, formerly Converse Energy, is an upstream oil and gas company based in Denver and led by CEO Tom Tyree. Northwoods agreed to pay $500 million...
Jan 19, 2018
Bill Barrett closes $110MM Uinta Basin exitBill Barrett Corp. (BBG) completed its exit from the Uinta Basin through the $110 million sale of its Eastern Bluebell assets. The deal, announced in November and closed Dec. 29, was followed by BBG’s $649 million merger with NGP-backed Fifth Creek Energy on Dec. 5 creating a new holding company called “New BBG” with a combined position of 151,100 net acres in the oil-weighted rural areas in the Hereford area. BBG and Fifth Creek will be units of New BBG.The Uinta assets consist of...
Jan 04, 2018
Bill Barrett shifts to DJ pure-play and sells $100MM in stockBill Barrett Corp. closed an offering of 21 million common shares at $5.00 a share to gross $105 million and net $100.3 million. F The $5.00 a share offering price was slightly below the midpoint of Bill Barrett's 52-week high/low of $7.70/$2.66. Full greenshoe exercise will bring net proceeds to $115.3 million. and increase its shares outstanding to 100,442,038 but it won't stay at that level for long.The company will double the size of its common shares outstanding when...
Dec 22, 2017
Bill Barrett & Fifth Creek come together in $649MM dealBill Barrett Corp. and Fifth Creek Energy are merging in a $649 million deal to create a premier DJ Basin-operator with acreage conducive for XRL development. The combined company will have 151,100 net acres and an inventory of 2,865 undeveloped drilling locations (~95% XRL) that are prospective for multiple Niobrara horizons and the Codell formation, and provide strong weighted average economic returns of 65% at strip pricing. Pro forma proved reserves are 168 MMboe (69% oil) and 3Q17...
Dec 12, 2017
BBG a DJ Basin pure-play via $649MM Fifth Creek comboIn less than two weeks from the end of November to early December, Bill Barrett Corp. (BBG) completed its transformation into a DJ Basin pure-play company. After exiting the Uinta Basin through the $110 million sale of its Eastern Bluebell assets announced Nov. 20, BBG struck a $649 million merger with NGP-backed Fifth Creek Energy on Dec. 5 creating a new holding company called "New BBG" with a combined position of 151,100 net acres in the oil-weighted rural areas in the Hereford...
Dec 07, 2017
What the Analysts are Saying About 'A&D' - December 07, 2017Commentary on BBG’s DJ Basin buy ($5.72-Dec. 6)High-graded asset base and improved balance sheet worth the 162% dilution for BBG. By combining with Fifth Creek Energy, BBG’s share count of ~76.3MM shares is slated to increase by 124.15MM shares (24.15MM shares issued in the deal and 100MM issued to Fifth Creek owners). While the 162% dilution may seem harsh, it’s a worthwhile strategic move in our opinion for three reasons: (1) Fifth Creek’s DJ acreage is likely much better than BBG’s...
Dec 07, 2017