Crescent Pass Energy LLC recently closed on an acquisition of operated and nonoperated assets in East Texas, making it the second significant acquisition by the privately held E&P company in the region in the past two months.
“This acquisition is an exciting milestone for us as it marks our second significant growth transaction in fewer than two months,” Crescent Pass CEO Tyler Fenley commented in a Nov. 3 release.
The seller and terms of the transaction deal weren’t disclosed, however, Crescent Pass revealed it has deployed more than $100 million on acquisitions in 2021 to date, “with substantial remaining equity capital reserved for future opportunities,” according to the release.
Previously, Crescent Pass had announced in September a series of acquisitions in East Texas that included the company’s first acquisition in the Eagle Ford Shale. The transactions included the purchase of producing assets in the northern area of the Eagle Ford play from Tulsa, Okla.-based Armor Energy LLC and three bolt-on acquisitions primarily in the Cotton Valley trend in East Texas.
In the bolt-on transaction announced Nov. 3, Crescent Pass acquired approximately 60,000 net acres in East Texas, flowing roughly 12.5 MMcfe/d of natural gas weighted production, across a region with multiple producing horizons and favorable access to Gulf Coast markets.
“These high-quality natural gas assets strategically expand our footprint, supplement broader growth and development initiatives, and create immediate asset- and corporate-level synergies,” Fenley said of the bolt-on in the release.
Houston-based Crescent Pass is a private E&P company financially partnered with Talara Capital Management to acquire, integrate and optimize PDP-weigthed assets throughout the U.S.
The recent transactions, including the latest announced on Nov. 3, combined with existing assets bring Crescent Pass’ total production volume to approximately 8,800 boe/d. The company now has operations in 16 counties in East Texas, South Texas and Louisiana.
“We look forward to continuing to execute on our disciplined, asset-focused approach to create value for all our stakeholders,” Fenley added in the release.
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