Crescent Pass Energy LLC announced a series of acquisitions on Sept. 28 that marked the privately held E&P company’s entry into the Eagle Ford Shale.
In a company release, Crescent Pass said it closed on the acquisition of producing assets in the northern area of the Eagle Ford play from Tulsa, Okla.-based Armor Energy LLC, as well as three bolt-on acquisitions in the Cotton Valley trend in East Texas.
“We are pleased to have closed on our first Eagle Ford acquisition and look forward to continuing to expand our footprint of high-quality producing assets, both along this trend and across the Lower 48,” Crescent Pass CEO Tyler Fenley commented in the release.
Based in Houston, Crescent Pass focuses on the acquisition, integration and optimization of PDP-weighted assets throughout the U.S. The company currently manages a diversified asset base and is financially partnered with Talara Capital Management.
“Crescent Pass continues to make accretive acquisitions and improve the existing asset base,” Andrew Heyman, partner at Talara Capital Management, commented in the release. “This team is at the cutting edge of applying the latest technologies related to revenue enhancements, cost reductions, and ESG matters.”
The transactions on Sept. 28 increase Crescent Pass’s corporate footprint to 974 operated wells and net production to approximately 6,400 boe/d, evenly weighted between oil and natural gas, according to the release. The assets are supported by more than 140,000 net HBP acres in various counties across Texas and Louisiana.
Terms of the transactions weren’t disclosed, however, Crescent Pass noted in the release that in 2021 to date, the company had deployed approximately $85 million on acquisitions, with “substantial remaining equity capital reserved for future opportunities.”
“This transaction reinforces our asset-focused strategy,” Fenley continued, “which, along with our conservative approach to leverage and hedging, allows us to remain flexible and execute on our broader strategic growth objectives.”
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