oil & gas assets
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A&D - CRC secures a $320MM Drillco partner for Elk Hills - August 2019

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Colony Capital, an investment management firm, is buying into California Resources Corp.’s flagship Elk Hills gas field in California’s San Joaquin Basin via a Drillco agreement. Through its new energy investment arm Colony HB2 Energy, Los Angeles-based Colony has committed to fully fund a $320 million development program consisting of ~275 wells over three years to earn an initial 90% WI in the resulting wells. That interest will be reduced to 17.5% as certain agreed-upon return thresholds are achieved. Colony’s investment could increase to $500 million. The Elk Hills......
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