[Context: On August 20, BCE-Mach, a joint venture of Bayou City Energy and Mach Resources, announced acquiring producing Oklahoma assets from Repsol E&P USA, which primarily include wells operated by Sandridge Energy. Further details and related links are below.]
BCE-Mach | Bayou City Energy
Mach Resources Announces Second Acquisition in Partnership with Bayou City Energy
OKLAHOMA CITY–August 20, 2018–(BUSINESS WIRE)–BCE-Mach LLC (“BCE-Mach”), a partnership between Bayou City Energy Management LLC (“BCE”) and Mach Resources LLC (“Mach”), has executed a Purchase and Sale Agreement to purchase producing properties in Alfalfa, Garfield, Grant, Kay, Major, Harper, Noble, Pawnee, Payne, Woods and Woodward Counties, Oklahoma and Barber, Comanche, Finney, Ford, Gove, Gray, Harper, Hodgeman, Ness, Reno, Scott, Sumner and Wichita Counties, Kansas from Repsol E&P USA Inc. The assets are primarily interests in wells operated by SandRidge Energy. Closing is subject to customary conditions and is expected to occur during October 2018.
“BCE-Mach’s focus has been on properties within the Mississippi Lime and these assets are complementary to our current operated position. We are excited to expand our asset base as the most active company in the play,” said Mach CEO Tom Ward. “Alongside our partners at Bayou City Energy, we are excited about the opportunity to continue to expand our position both through drilling our current inventory and strategic acquisitions of producing properties.”
“This acquisition is an excellent fit for the strategy set out for BCE-Mach,” BCE Managing Partner Will McMullen said. “We are thrilled to be continuing this partnership in earnest with another great cash-flowing asset and have the utmost confidence in the Mach team’s ability to continue maximizing value from this well understood and infrastructure-advantaged position.”
About Mach Resources LLC
Mach is an independent oil and natural gas producer focused on acquiring, exploring and developing high-return, low-cost projects. Founded in January 2017, the company pursues assets with production history and development opportunity. Mach is located in Oklahoma City, OK.
About Bayou City Energy Management LLC
BCE is a private equity firm founded in 2015 to focus on making investments in the North American upstream oil and gas sector. BCE targets privately negotiated investments through two complementary strategies: providing buyout and growth equity capital for operated assets with current production and exploitable upside and partnering with operators to provide dedicated drilling capital in off-balance sheet structures. The BCE team, combined with the firm’s Advisory Board and strategic relationship with Ara Partners Group LLC, provides operators access to expertise, capital, and trusted partnership.