Triple Crown Energy LLC has closed a pair of drilling joint ventures (JVs) with US Energy Development Corp. and Millennial Energy Partners LLC, and plans to drill up to 24 wells on its Kansas acreage holdings in the next 12 months.
The first JV with US Energy features the sale of a 50% working interest on 2,500 net acres in Hodgeman and Ness counties, Kansas.
Triple Crown’s second partner is Millennial Energy Partners, with the JV featuring the sale of a 25% working interest on 10,000 net acres in Hodgeman, Ness, and Gove counties, Kansas, inclusive not only of the US Energy JV acreage but also of additional acreage.
Each JV was structured as a “cash and carry” joint venture in order to launch Triple Crown’s vertical drilling program in Kansas. The terms provide that development efforts could extend to all of Triple Crown’s 40,000 net acres in Kansas. Triple Crown will operate the assets and drilling operations are already under way.
Michael De Voe Piazza, of Willkie Farr & Gallagher, and Chris Miller, of Bracewell & Giuliani, led the representation of Triple Crown Energy on the JVs. Alan Laurita, of Hodgson Russ, led the representation of US Energy and John Grand, of Vinson & Elkins, led the representation of Millennial Energy Partners.