Admiral Permian Acquires Three Rivers’ Oil Producing Assets in Texas
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Admiral Permian Resources has completed acquisition of leasehold interests and related assets from Three Rivers Operating in the US state of Texas.
This includes more than 59,000 net acres in Reeves and Culberson Counties in West Texas. The properties produced more than 15,000 net barrels of oil equivalent per day in March.
In addition, funds managed by the Private Equity Group of Ares Management, L.P. have acquired a majority stake in Admiral.
“The successful completion of our acquisition in Reeves and Culberson Counties represents the collective efforts of our team to secure a leading resource footprint in the Delaware Basin,” said Admiral CEO Denzil West.
“With the transaction completed, our focus now shifts to developing this asset through the execution of our development plan and expanding the team’s reputation as an efficient, low-cost operator.
“We are also excited for our new partnership with the Ares team, which provides us meaningful capital to continue pursuing our strategic business model.”
“We are excited to partner with Admiral’s management team to build a business of scale and create value in the Delaware Basin,” Ares Private Equity Group Partner Gary Levin.
“With Admiral, we saw a unique opportunity to invest in a company with both a proven track record and exciting prospects for future growth, as evidenced by this acquisition in one of the most prolific oil and gas regions in the country.”
Sidley Austin LLP served as legal advisor to Admiral, and Kirkland & Ellis LLP served as legal advisor to Ares Management.
Source: Energy Business Review
To stop by Admiral’s website, CLICK HERE
To stop by Three Rivers’ website, CLICK HERE
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