[Context: On August 2, Lime Rock Partners-backed Lime Rock Resources announced the purchase of 114,000 net acres of Barnett assets for $230m. Although not disclosed in Lime Rock’s press release, separately ConocoPhillips (NYSE: COP) announced it was the seller and that production for 1H18 averaged 9,000 BOEPD, ~55% was natural gas and 45% was natural gas liquids. Further details and related links are below.]
LIME ROCK RESOURCES | LIME ROCK PARTNERS
Lime Rock Resources to Acquire Oil and Gas Producing Properties in Texas
HOUSTON, Aug. 2, 2018 /PRNewswire/ — Lime Rock Resources, acquirers and operators of producing oil and gas properties in the United States, announced today that it has signed a definitive agreement to acquire oil and natural gas properties primarily in Montague, Wise, Denton, and Cooke Counties, Texas for approximately $230 million, subject to customary purchase price adjustments. The transaction represents Lime Rock Resources’ first acquisition in the Fort Worth Basin. The transaction is expected to close by year-end 2018, subject to customary closing conditions.
Eric Mullins, co-CEO of Lime Rock Resources, said, “The recent acquisition provides the Lime Rock Resources fund with an entry into the liquids rich Barnett portion of the Fort Worth, which is a basin that we have been attracted to for several years. The acquisition comes with about 114,000 net acres and has relatively low associated water production rates.” Charlie Adcock, co-CEO of Lime Rock Resources, added, “We look forward to applying our operational improvement strategies to a property in a new basin. The assets provide the acquiring fund with robust cash flow and substantial horizontal development opportunities.”
About Lime Rock Resources
Based in Houston, the Lime Rock Resources team acquires, operates, and improves producing oil and gas properties in the United States. The team has acquired properties in select oil and gas basins nationwide as it seeks to provide its investors with attractive long-term returns. Established in 1998, Lime Rock Management has raised $8.6 billion in private equity funds for investment in the energy industry through Lime Rock Resources and Lime Rock Partners, investors of growth capital in E&P and oilfield services companies.