1Derrick US M&A weekly update

1Derrick gives OGFJ readers a snapshot of oil and gas industry M&A activity for the week of August 21 to August 25. 

 

US announced deals YTD

US Deals in play*

Region

Value ($MM)

Count

Value ($B)

Count

Permian

$21,381

216

~$7

17

Mid-Continent

$3,817

111

~$3-$4

11

Gulf Coast

$5,537

74

~$4

9

Rockies

$7,539

62

~$4

13

Ark-La-Tex

$718

33

~$1

4

Eastern

$10,880

34

~$3

11

Gulf of Mexico

 

13

~$10

10

Alaska

-

-

-

-

West Coast

$440

12

<$1

1

Multi Region

$409

13

~$8-$9

2

Total

$50,721

568

~$41

78


   

 

 

 

 

 

 

 


*Only includes packages valued >$100 million

 Deal flow
Upstream

  • Jericho Oil entered into an agreement to acquire 9,400 net STACK acres including 8,600 net Mississippian acres in Blaine Co., OK. Jericho Oil reports the value of Mississippian acreage to be $19.78 million (at $2,300/Mississippian Acre). 
  • Victory Energy entered into an agreement to divest its 50% partnership interest in Aurora Energy Partners to Navitus Energy Group. Aurora Energy is a 50-50 partnership between Victory Energy and Navitus Energy and Victory Energy holds oil and gas assets through Aurora Energy.
  • On 24-Aug-2017, Vitruvian Exploration IV announced that it has secured an equity commitment of $450 million from Quantum Energy Partners. Vitruvian Exploration IV’s strategy is to build a portfolio of high quality, emerging and undeveloped oil and gas assets in North American unconventional resource plays and will initially focus on Eagle Ford Shale. Vitruvian Exploration IV has acquired ~120,000 net Eagle Ford acres including ~70,000 net acres in Javelina area from Sanchez Energy. 
  • On 22-Aug-2017, Apollo Global Management and Double Eagle Development announced the formation of a Double Eagle Energy Holdings III, a company focused on Permian basin. 
  • On 22-Aug-2017, Sierra EF, a subsidiary of Sierra Resources, secured an equity commitment of $100 million from Post Oak Energy Capital. Affiliates of GSO Capital Partners and the Sierra management team have also contributed capital to Sierra EF and will continue to invest alongside Post Oak. Sierra EF is focused on the acquisition and development of oil and gas assets in South Texas.
  • On 22-Aug-2017, Shot Hollow Partners secured an equity commitment from Carnelian Energy Capital. Shot Hollow Partners is focused on the acquisition of oil and gas assets in Midcontinent, North Texas and South Texas regions of United States.

 Deals in play

  • BHP Billiton is looking to divest its onshore assets in United States. BHP Billiton holds unconventional assets in Eagle Ford, Permian, Haynesville and Fayetteville shale plays. The assets include ~838,000 spread across Texas, Arkansas and North Louisiana, with net production of 216.5 MBOE/d during Q2-2017. 
  • Colgate Energy (backed by NGP Energy Capital Management and Pearl Energy Investments) has retained Evercore Group to assist in the sale of its operated Southern Delaware basin acreage. The acreage includes 7,000 net acres in Reeves Co., TX, targeting the Wolfcamp and Bone Spring formations.
  • Thunderbird Resources has retained UBS Securities to assist in the sale of its Haynesville assets in East Texas. The assets include ~21,600 net acres in Harrison Co., and Panola Co., TX, with estimated production of 7 MMcfe/d or 1.167 MBOE/d in Oct-2017.

 

 

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