Midland, Texas-based BC Operating Inc., an independent energy company engaged in the exploration, development, and production of oil and natural gas resources, has formed a joint development agreement with Tulsa, Oklahoma-based Nadel and Gussman LLC, combining the two companies’ acreage and reserves in southern Eddy and Lea counties in New Mexico. The combined position consists of an acreage footprint of 50,000 net acres, and 5,500 barrels of oil equivalent per day of operated production.
BC will assume operatorship of the combined acreage including all existing wells. The large-scale position has multiple targets in the Permian Basin including Wolfcamp, Avalon, Delaware, and Bone Spring production. BC expects to run at least one drilling rig in 2016 and will add more acreage, strengthening the combined position.
BC and Nadel and Gussman are both privately held, multi-generational, family energy companies. BC is the operating company for and owned equally by Crump Energy Partners II, LLC and Crown Oil Partners V LP, both based in Midland. Crump is supported by an equity commitment from Quantum Energy Partners; Crown is financially partnered with Post Oak Energy Capital and Wells Fargo Energy Capital. Nadel and Gussman LLC has been in the energy business since the 1920s. In addition to these joint development properties, the company owns and operates assets in Oklahoma, Kansas, Louisiana, Texas, and North Dakota.