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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.
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