Comprehensive Energy Data Intelligence
Information About Energy Companies, Their Assets, Market Deals, Industry Documents and More...
Pine Wave Energy and Silver Hill Reached an Agreement Over Haynesville Assets — Deal is Sealed
03/20/2022
Pine Wave Energy Partners LLC, which is headquartered in Fort Worth, announced on March 14 it has entered into a definitive agreement with affiliate companies of Silver Hill Energy Partners III, to sell some of its Haynesville properties located in Caddo Parish, Louisiana, and Harrison and Panola counties, Texas.
Approximately 12,500 acres and ownership interests in 10 operated wells with a production capacity of 100 million cubic feet per day are included in these Pine Wave's assets. In addition to the midstream infrastructure, all 18 miles of natural gas gathering pipelines located in Caddo Parish and Panola County are part of the deal.
Pine Wave expects to close the transaction in the second quarter of 2022. Still, it will continue operating its other properties and exploring new opportunities under the portfolio company of Old Ironsides Energy LLC. The company will not leave the market but shift its attention.
According to Ben Hunter, CEO of Pine Wave, this transaction with Silver Hill is a significant step in the Pine Wave’s story. Over the past four years, the company has worked hard to build an outstanding position in Haynesville and was able to forge an ongoing and fruitful partnership with Old Ironsides. And now Pine looks forward to leveraging its operational focus to the next venture.
Silver Hill, on the other hand, is excited about reaping Pine's hard work. These high-quality assets will directly counterbalance their operations in the Haynesville Shale. A transaction of this kind will allow the company to further expand its range of development assets in an area that continues to offer tremendous potential.
As so happens, Silver Hill Energy Partners III is a leading private oil and gas company headquartered in Dallas, Texas, and presided over by Kyle D. Miller, who founded it in 2011. Its first two iterations, Silver Hill I & II, generated strong risk-adjusted returns across cycles for a diversified base of investors, including private equity, institutions, and family offices.
As for Pine Wave Energy, it is a privately-held energy company strategically focused on exploring and developing unconventional oil and gas resources across select regions of east Texas and northwest Louisiana. It was founded in 2018 by Ben Hunter, chief executive officer, Ben Voigt, executive vice president, and Stephen O'Neal, executive vice president, and general counsel.
In regards to the legal side of the deal, Silver Hill was represented by Shearman & Sterling LLP, and Pine Wave was represented by Akin Gump Strauss Hauer & Feld LLP.
If you are looking for more information about energy companies, their assets, and energy deals, please, contact our sales office mapping@hartenergy.com, Tel. 619-349-4970 or SCHEDULE A DEMO to learn how Rextag can help you leverage energy data for your business.
$690 Million Deal Moves Ahead: Crescent Energy to Complete Purchase of EP Energy's Uinta Assets
Crescent Energy closed the acquisition of Uinta Basin assets in Utah that were previously owned by EP Energy for $690 million, a few hundred million dollars below the original price. The accretive deal increases Crescent's Rockies position and adds significant cash flow and a portfolio of high-quality oil-weighted undeveloped sites. In addition to its acquired Uinta assets, Crescent's pro forma year-end 2021 provided reserves totaled 598 million boe, of which 83% was developed, 55% was liquid, and its provided PV-10 was $6.2 billion.
Winds of Change: Admiral Sold Its Assets in Delaware Basin
And Petro-Hunt E&P is the new sheriff in town with 21,430 net acres of leasehold in the Basin, production of which surpasses 7,000 bbl/d and 100 MMcf/d respectively. To take advantage of it, Petro-Hunt plans to begin an active development drilling program on these assets in the coming months heavily upgrading the numbers of its 775 operating oil wells and contributing to over 8,100 non-operated wells. Time will tell, however, whether or not this move will be able to deliver such results.
The Williston Basin is a big area filled with layers of rock that sits next to the Rocky Mountains in western North Dakota, eastern Montana, and the southern part of Saskatchewan in Canada. This area covers roughly 110,000 square miles. Geologically, it's very similar to the Alberta Basin in Canada. People started drilling for oil in the Williston Basin back in 1936, and by 1954, most of the land where oil could likely be found was already claimed for drilling. The Bakken Formation with parts of Montana, North Dakota, Saskatchewan, and Manitoba has become one of only ten oil fields globally to yield over 1 million barrels per day (bpd) since the late 2000s. It is currently the third-largest U.S. shale oilfield, behind the Permian and Eagle Ford. The boom in the Bakken started around September 2008, coinciding with the U.S. housing market crash. The application of new technologies, such as swell packers enabling multiple-stage fracturing, significantly enhanced oil recovery, making the Bakken Formation a key player in the U.S. In 2022, the Bakken oil field saw big improvements in how much oil and gas it could produce. At the start of the year, 27 drilling rigs were working there, more than double the 11 rigs from the start of 2021. Important upgrades included making the Tioga Gas Plant able to process 150 million cubic feet more gas each day, and making the Dakota Access Pipeline bigger, increasing its oil transport capacity from 570,000 to 750,000 barrels every day.
Continental Resources is expanding its operations in the Midland Basin, including taking over some assets that used to belong to Occidental Petroleum. The company plans to use its expertise in exploration in this area.
Equinor and EQT Corporation have agreed that Equinor will exchange its operated assets in the Marcellus and Utica shale formations in Ohio for a stake in EQT’s non-operated interests in the Northern Marcellus formation.