1Derrick US M&A Weekly Update

1Derrick gives OGFJ readers a snapshot of oil and gas industry M&A activity for the week of May 23 - May 27.

Deal stats

 

Announced deals YTD

Deals in play*

Region

Value ($M)

Count

Value ($B)

Count

Permian

$1,767

34

~$2

10

Mid-Continent

$2,667

24

~$3

7

Gulf Coast

$1,566

18

~$5

11

Rockies

$2,628

25

~$4-5

13

Ark-La-Tex

$4,878

11

$1-2

4

Eastern

$1,162

10

~$5

12

Gulf of Mexico

$5

6

~$9

11

Alaska

$152

2

<$0.5

1

West Coast

$2

3

 

-

Multi Region

$349

10

~$10-11

7

Total

$14,603

137

~$40-45

79

Source: 1Derrick’s Global M&A Database (www.1Derrick.com)

*Only includes packages valued >$100 million

Deal flow
Upstream

  • Parsley Energy has entered into an agreement to acquire mineral rights in Southern Delaware basin acreage from Edith L Trees, Trees Capital Partners Ltd. and Lehm Capital Partners Ltd. for $280.5 million. The acreage is located in Pecos Co., and Reeves Co., TX, with current net production of 280 boe/d. Parsley also acquired additional working interest in 885 net acres in Pecos Co., and Reeves Co., TX, for $9 million.
  • Emerald Oil has entered into a stalking horse asset purchase agreement with New Emerald Holdings LLC (owned by affiliates of Crestline Management and Sole Source Capital) to divest substantially all its assets, under section 363 of the US Bankruptcy Code, for $73 million. Emerald's assets are located in the Williston basin, primarily in McKenzie Co., ND.
  • Tall City Exploration II LLC, a new company focused on acquiring assets in the Permian basin, has received $300 million equity commitment from Denham Capital. Tall City’s previous iteration was also backed by Denham and sold its assets for $1.2 billion.
  • Lime Rock Resources IV, a new fund seeking to acquire and operate producing assets in the United States, has received a total capital commitment of $754 million in 2016.
  • Post Oak Energy Partners III LP, which will focus on investing in North American oil and gas companies, oilfield services and related infrastructure, has received $600 million in commitments.

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