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Quantum Capital Takes Over Rockies Caerus Oil & Gas in $1.8B Deal and NOG Expands in Uinta Basin

Quantum Capital Group has bought Caerus Oil and Gas, a company focused on the Rockies, in a deal worth $1.8 billion. The acquisition includes Caerus' extensive assets in the Piceance Basin in western Colorado and the Uinta Basin in eastern Utah.

Piceance Basin Now Managed by QB Energy

A new Quantum portfolio company, QB Energy, will take over the management of Caerus' 600,000-acre holdings in the Piceance Basin. Industry veteran Roger Biemans will lead QB Energy as president and CEO.

The Piceance Basin is a major gas resource in the U.S., and Biemans highlighted that these assets offer steady production with plenty of room for future drilling. QB Energy plans to keep much of Caerus' current team to ensure smooth operations and support for the local communities.

KODA Resources Expands in the Uinta Basin

In the Uinta Basin, Quantum’s other portfolio company, KODA Resources, will acquire Caerus' 160,000-acre portfolio, along with its midstream assets for gathering and compression. KODA's CEO, Osman Apaydin, noted that they have spent years understanding the Uinta Basin and are well-positioned to manage and develop these new assets.

“KODA has spent years decoding subsurface intricacies of the Uinta gas window, and we believe we are uniquely qualified to assume operatorship and further develop this high-quality production base adjacent to our existing acreage,”

Osman Apaydin, CEO of KODA Resources

This comes amid a trend of increased activity in the Uinta Basin, including a recent $2.55 billion acquisition of XCL Resources by SM Energy and Northern Oil & Gas, where NOG took a 20% stake valued at $510 million.

NOG and SM Energy Expand in Uinta Basin

Northern Oil & Gas (NOG) and SM Energy are further expanding their footprint in the Uinta Basin with a new deal, following their pending $2.55 billion acquisition of XCL Resources. NOG will acquire a 20% stake in the Altamont assets for $17.5 million, with customary closing adjustments.

The Altamont assets, located mainly in Uintah and Duchesne counties in Utah, cover around 6,500 net acres. NOG estimates that this acquisition will add approximately 18 new drilling locations and about 250 boe/d to their production.

After the deal closes, SM Energy will operate most of the Altamont assets, with NOG participating through joint development agreements established during the XCL Resources acquisition. This arrangement mirrors the companies' ongoing $2.55 billion deal for XCL, where NOG will acquire a 20% stake valued at $510 million, and SM will take over as the operator of XCL's assets.

NOG expects to close the Altamont deal alongside the XCL transaction in early Q4 2024.

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Rockies Overview by Rextag: Green River, Powder River, Niobrara-Denver Julesburg, Piceance, Uinta, San Juan, Paradox Basin, Wyoming, Colorado, Utah, New Mexico

New Mexico leads the Rockies region in gas production and ranks as the sixth-largest in terms of active gas wells in the U.S. Last year, the state's gas well count slightly increased by 0.2% to 30,699, with new additions in both the northwestern San Juan Basin and the southeastern Permian Basin. Meanwhile, just to the north in Colorado, gas producers grew by a modest 0.1% to 30,322, primarily due to increased drilling activity in the DJ and Piceance basins. Wyoming saw a decline in its active gas wells by 3.7%, down to 17,006, with production mainly in Sublette, Sweetwater, and Converse counties reflecting stable or slightly reduced drilling activity. Utah also experienced a slight decrease of 0.2% in its number of gas wells, totaling 6,463. In Q1 2024, oil and gas industry activity in Oklahoma, Colorado, and northern New Mexico experienced a decline. This marks the fifth consecutive quarter of contraction in drilling and business activities within these regions. According to a survey that included responses from 33 firms operating in the Rockies, this downtrend is expected to continue over the next six months.

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