Sebastian T. Gass previously worked at Chevron for 13 years where he led the oil major’s digital transformation as its general manager for technology and strategy.
The sale follows comments CEO Lorenzo Simonelli made recently about downsizing Baker Hughes’ oilfield services and equipment portfolio in preparation for the energy industry’s transition to a low-carbon future.
Bruin E&P Partners also emerged from Chapter 11 bankruptcy with a newly constituted board of directors comprised of Kevin Asarnow, Mark Bisso, Richard J. Doleshek and Mike Wichterich as well as Bruin CEO Matt Steele.
Dallas-based AVAD Energy Partners II said it will pursue an acquire-and-exploit strategy focused on creating value through “operational excellence with an agnostic view to commodity type or basin.”
As private equity fund managers assess the economic impact of COVID-19, developing reliable valuation processes and procedures for their oil and gas investments will ensure transparency to regulators and investors.
The transaction included roughly 4,800 net royalty acres (normalized to 1/8 royalty) located in North Louisiana, with production across the Haynesville Shale, Bossier Shale and Cotton Valley formations.
Unlike shareholders, management teams of U.S. shale oil companies have made money.
The acquisition of Templar Energy’s assets through a bankruptcy auction represents an expansion from the western Anadarko Basin, where Presidio Petroleum already has an established position, into Oklahoma’s STACK play.
In conjunction with the deal, Solaris Water Midstream’s sponsors and management also increased their capital commitments to support the continued expansion of the company’s infrastructure systems in the Permian Basin.