A&D - Former NBLX execs form Delta with Warburg backing - March 2020Newly formed Delta Midstream, LLC has received an undisclosed equity commitment from private equity firm Warburg Pincus. The Houston-based company seeks to acquire, develop and operate midstream assets of scale and will target opportunities across multiple basins in North America. Delta will be led by the former executive management team of Noble Midstream Partners, which was comprised of CEO Terry Gerhart, CFO John F. Bookout IV and COO John Nicholson. Each of them will serve in...
Mar 19, 2020
CM - Warburg backs former Noble Midstream execs at new Delta - March 2020Warburg Pincus and affiliates have gotten behind new Houston-based midstream company Delta Midstream, LLC, agreeing to lead a line of credit equity investment that will allow the new company to buy, develop and operate assets across multiple North American basins. Delta said it will acquire both assets from both private and public owners that focus on crude, gas and NGLs. Delta’s management team is the former executive management team of Noble Midstream Partners, including CEO Terry Gerhart,...
Mar 13, 2020
PS - Ensign’s first wells deliver 341 bo/d per 1,000 ft in gassy area - January 2020South Texas pure-play Ensign Natural Resources completed three Eagle Ford wells on the Metting Neutzler 01 pad in DeWitt County, Texas during Q4, marking its first operated activity in the play. The wells averaged 3,969-ft effective laterals fracked with varying proppant loads ranging 5.6-9.7 MMlb (1,404-2,452 lb per lateral ft). Initial 24-hour test rates ranged 15.9-17.3 MMcfe/d (49% oil) on ~20/64-inch chokes at an average 6,360 psi FTP. While the wells are classified as gas wells, they...
Jan 27, 2020
STS - Ensign’s first wells deliver 341 bo/d per 1,000 ft in gassy area - January 23, 2020South Texas pure-play Ensign Natural Resources completed three Eagle Ford wells on the Metting Neutzler 01 pad in DeWitt County during Q4, marking its first operated activity in the play. The wells averaged 3,969-ft effective laterals fracked with varying proppant loads ranging 5.6-9.7 MMlb (1,404-2,452 lb per lateral ft). Initial 24- hour test rates ranged 15.9-17.3 MMcfe/d (49% oil) on ~20/64-inch chokes at an average 6,360 psi FTP. While the wells are classified as gas wells, they delivered...
Jan 23, 2020
CM - Brigham & backers selling common shares in first follow-on - December 2019Brigham Minerals Inc. priced an offering of 11 million common shares for public sale at $18.10 each. In its first public offering since its April IPO, the company is selling 5 million shares for itself to gross more than $90 million, and initial backers Warburg Pincus, Yorktown Partners and Pine Brook Road Advisors will sell a combined 6 million shares for about $109 million in gross proceeds. Underwriters Credit Suisse, Goldman Sachs and RBC were granted a 1.65 million-share greenshoe....
Dec 13, 2019
CM - Warburg & debt backers supporting Citizen’s Roan buyout - October 2019Warburg Pincus portfolio company Citizen Energy Operating LLC will buy Roan Resources, Inc. for about $1 billion in cash, including paying off Roan’s nearly $780 million in net debt. Under terms of the agreement Roan stockholders will receive $1.52 in cash for each of their common shares, representing a 24% premium over the stock’s NYSE closing price on Sept. 30. The company has 154.3 million shares outstanding. Citizen will use a combination of equity and debt financing to pay for...
Oct 04, 2019
A&D - Eagle Ford pure-play 1776 Energy reportedly up for sale - June 2019Privately held Eagle Ford operator 1776 Energy Operators, LLC is putting itself
up for sale, with a deal expected to fetch around $1.5 billion, including debt, unnamed
sources told Reuters. A company official told the news agency that 1776 has hired two
investment banks to run a sales process.
With production primarily from Karnes, Gonzales and La Salle counties, Texas, the
company is active in areas where Marathon Oil, Magnolia Oil & Gas, Devon Energy
and EOG Resources also have substantial...
Jun 05, 2019
CM - People & Companies - May 31, 2019Abraxas Petroleum Corp.
announced that Angela A. Meyer was
elected director at the company’s May 7
annual meeting of stockholders. Adams Resources & Energy, Inc.
announced that John O. Niemann, Jr. was
elected a director effective May 20. He
will serve on the audit and compensation
committees. Niemann has been managing
director of Andersen Tax since 2013 and
has been the president of COO of Arthur
Andersen LLP since 2003. Chesapeake Energy Corp.’s
shareholders elected...
May 31, 2019
CM - Brigham prices IPO at $18 for possible $277MM net - April 18, 2019Brigham Minerals, Inc., which owns oil and gas mineral royalty interests underlying
68,800 acres across the US, announced that it sold 14.5 million shares at $18 each in
an initial public offering on April 17. The price per share was at the top of Brigham’s
anticipated $15-$18 range, and the offering amount was twice upsized, signifying thirsty
IPO buyers in a very dry climate.Brigham will net $240.6 million, or $277.4 million if the
2.175 million share underwriters’ overallotment...
Apr 18, 2019
CM -Tight IPO market watching for launch of Brigham Minerals - March 2019Brigham Minerals, Inc., an Austin-based holder of unconventional oil, gas and
mineral royalty interests, filed a Form S-1 registration statement on March 18 for an
initial public offering of its Class A common stock for $100 million. The company is
backed by Warburg Pincus, Yorktown Partners and Pine Brook Road
Advisors, each of which owns 5% or more. If the deal goes off, Brigham
will be 2019’s third IPO in a year that has thus far given us the public
debuts of LNG company New Fortress Energy,...
Mar 28, 2019
IS - People & Companies - December 13, 20183D Oil Ltd. named Stefan Ross
as joint company secretary, effective
Nov. 23. He will fill the role along with
Melanie Leydin. Ross has more than
nine years of experience in accounting
and secretarial services for ASX-Listed
companies. His experience includes
ASX compliance, corporate governance
control and implementation, and statutory
financial reporting. Bill Stubbs retired as non-executive
director of Armour Energy Ltd. He was
named to the board when the company
formed as a...
Dec 13, 2018
Warburg Pincus backs Tall City III with $500 millionTall City Exploration III LLC said that private equity firm Warburg Pincus committed a $500 million equity line to the re-assembled Tall City team as it pursues Permian Basin opportunities. Tall City, in all three of its iterations, has been led by President and CEO Michael Oestmann and EVP and CFO Michael Marziani.Warburg Pincus managing director David Habachy said the third round of Tall City presented a “compelling opportunity in the Permian Basin and complements our existing...
Oct 04, 2018
Warburg invests $450MM to new Ridge Runner & StrongholdDelaware basin E&P startup Ridge Runner Resources said it received up to $300 million in an equity credit line from funds affiliated with global private equity giant Warburg Pincus. The new company plans to acquire and develop acreage positions in the basin and pursue relationship with other E&P companies.Ridge Runner is headed by CEO Scott Germann, a former ExxonMobil geologist with more than 20 years of experience in the Permian. Germann led Nadal & Gussman’s successful Permian...
Feb 09, 2018
CM - Upstream Capital Briefs - November 15, 2019Houston American Energy Corp. received a NYSE deficiency letter on Oct. 17 related to its common stock, which has been selling for a low price for a substantial period of time. The company is out of compliance with the exchange’s Section 1003 (f) (v) and has until April 16 to save its listing by effecting a sustained share price improvement or a reverse split. The company’s stock will continue to trade as HUSA in in the interim period. Kimbell Royalty Partners, LP paid about $31.8...
Nov 15, 2019
CM - Upstream Capital Raises Briefs - October 26, 2018Amplify Energy Corp. received about
$61.5 million from trust established for the
decommissioning of predecessor Memorial
Production Partners’ Beta properties
offshore southern California, pursuant to
a US Bankruptcy Court order Feb. 9. With
this additional liquidity, Amplify approved
a $37 million capital project to boost oil
production from the Bairoil CO2-flood field
in Wyoming by 900 bo/d. Amplify said the
Beta decommissioning obligations are still
fully supported by A-rated surety bonds...
Oct 26, 2018