Lodestone Acquires Hibernia Resources’ Midland Basin Assets
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Lodestone Energy Partners II, has acquired assets from Hibernia Resources III. The assets will be operated by BCP Resources.
Lodestone Energy is a vertically integrated fund focused on opportunities in the conventional oil and gas space. These assets are considered an ideal acquisition for the company due to an excellent financial profile and top-tier performance in the Midland Basin. The assets span Reagan and Upton Counties, Texas, with 85 conventional and 21 legacy horizontal wellbores comprising over 2,000 MBOE of net PDP reserves with 63 percent liquids.
“The Hibernia assets are an excellent fit with our strategic objective to expand our footprint of operated conventional assets in the Permian Basin,” said Barry Portman, Lodestone’s managing partner and BCP Resources CEO.
“We’re privileged that Hibernia has placed their trust in us and we’re thrilled to continue the high-quality operation and expansion of these assets alongside Hibernia as they continue their growth strategy as a leading oil producer in the Midland Basin,” added Portman.
“The disposition of our legacy assets supports the development of Hibernia’s high-quality acreage position, and we were very pleased and impressed by BCP Resources’ operational expertise to pursue and close this transaction,” said Embry Canterbury, CEO of Hibernia.
“We are delighted to partner with BCP Resources and Lodestone Energy as they have deep roots and experience in the Permian Basin, as well as a talented staff of employees. We are confident this transaction will generate significant returns and future growth to our fund,” said Mark Bales, CEO of AggieTech.
“MRC is excited to be affiliated with both the BCP Resources operating team and the Lodestone Energy Partners. We are certain that both teams value relationships with their partners and, combined with their solid and unique experience, they can pursue substantial growth in this sector,” said Trey Thomason, chief investment officer for Masked Rider Capital.
“Investing in our customers and the local community is our passion.” said Amber Prieto, vice president of Commercial Lending at Community National Bank.
“A local oil and gas operator with significant experience in the area, partnered with West Texas equity sources, is an excellent fit, and we are pleased to support this project and look forward to their future growth,” added Prieto.
“Industry trends favor conventional asset roll-ups. Thousands of highly attractive conventional wells are available for the right operator when they can no longer scale with major oil and gas portfolio growth. We are excited about this acquisition and look forward to continuing to aggressively pursue similar opportunities to create value and invest in the local economy,” said Portman.
About Lodestone Energy Partners II
Lodestone is dedicated to acquiring and developing Permian Basin conventional oil and gas assets to unlock value for its investors. BCP Resources is Lodestone’s dedicated oilfield operator. These two entities offer over 100 years of combined experience in conventional oil and gas development and production.
To stop by Lodestone’s website, CLICK HERE
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