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Quantum Capital Takes Over Rockies Caerus Oil & Gas in $1.8B Deal and NOG Expands in Uinta Basin
08/21/2024
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 $510 million, and SM will take over as the operator of XCL's assets.
NOG expects to close the Altamont deal alongside the XCL transaction in early Q4 2024.
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Rockies Overview by Rextag: Green River, Powder River, Niobrara-Denver Julesburg, Piceance, Uinta, San Juan, Paradox Basin, Wyoming, Colorado, Utah, New Mexico
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New Mexico leads the Rockies region in gas production and ranks as the sixth-largest in terms of active gas wells in the U.S. Last year, the state's gas well count slightly increased by 0.2% to 30,699, with new additions in both the northwestern San Juan Basin and the southeastern Permian Basin. Meanwhile, just to the north in Colorado, gas producers grew by a modest 0.1% to 30,322, primarily due to increased drilling activity in the DJ and Piceance basins. Wyoming saw a decline in its active gas wells by 3.7%, down to 17,006, with production mainly in Sublette, Sweetwater, and Converse counties reflecting stable or slightly reduced drilling activity. Utah also experienced a slight decrease of 0.2% in its number of gas wells, totaling 6,463. In Q1 2024, oil and gas industry activity in Oklahoma, Colorado, and northern New Mexico experienced a decline. This marks the fifth consecutive quarter of contraction in drilling and business activities within these regions. According to a survey that included responses from 33 firms operating in the Rockies, this downtrend is expected to continue over the next six months.
Vital Energy Raises Production Outlook and Capital Spending with Significant Permian Basin Acquisition
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/166Blog_Vital Energy Closes $362MM Permian Deal Acquired Forge Assets.png)
Vital Energy’s deal adds 24,000 net acres and 100 gross drilling locations in Texas, growing its Permian Basin footprint to around 198,000 net acres. Vital Energy is revising its projections for oil and gas production and capital spending upward following the successful acquisition of a substantial area in the Permian Basin. The company has gained around 24,000 net acres and 100 gross drilling locations in Texas. As a result of this deal, Vital Energy is now increasing its full-year production and capital spending guidance.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/310_Blog_Massive Shutdown in U.S. Gulf of Mexico as Tropical Storm Francine Approaches .jpg)
A significant portion of the U.S. Gulf of Mexico's oil and natural gas production has come to a halt as Tropical Storm Francine barrels toward Louisiana, threatening the region's crucial energy infrastructure. In what is shaping up to be one of the most impactful events for U.S. energy this year, approximately 24% of crude oil production and 26% of natural gas output in the Gulf are now offline, according to the U.S. Bureau of Safety and Environmental Enforcement (BSEE). Francine, with winds reaching 65 mph (100 kph), is currently situated 380 miles (610 km) southwest of Morgan City, Louisiana, and is expected to strengthen into a hurricane by the end of the day. The storm's trajectory is causing widespread disruptions to offshore operations in the Gulf, which plays a vital role in the country’s energy supply.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/309_Blog_Why This Matters Diamondback and Endeavor’s 26 Billion Merger Creates a Permian Titan.jpg)
What happens when two giants merge to form an oil empire? Diamondback Energy has just completed a massive $26 billion merger with Endeavor Energy Resources, following months of review by the Federal Trade Commission (FTC). The outcome? A powerful new player in the oil industry, poised to transform production in the Permian Basin, one of the richest shale regions in the world. Analysts are calling this merger a game-changer, as Diamondback and Endeavor now control a vast expanse of oil-rich land, referred to as the "last and best oil sandbox" for its potential to maximize production using advanced technology.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/308_Blog_New ERA U.S. Allocates 7.3 Billion for Rural Clean Energy Initiatives.jpg)
The United States government has announced a significant investment of $7.3 billion from the 2022 Inflation Reduction Act (IRA) to support clean energy initiatives led by rural electric cooperatives. These projects aim to reduce energy costs, enhance reliability, and promote sustainability for rural communities, where energy costs tend to be higher than in urban areas. This investment marks a substantial effort toward decarbonizing rural America while supporting job creation and infrastructure improvements.