Earthstone merged into Permian Resources in November in a $4.5 billion all-stock deal. (Source: Shutterstock/ Earthstone Energy)
Former Earthstone Energy executives have launched a new start-up—focusing on conventional oil and gas reservoirs.
“Our asset focus will be primarily set on conventional assets in Texas, New Mexico, Louisiana and Oklahoma,” said Robert Anderson, previously president and CEO of Earthstone and is now CEO of the start-up, PetroPeak Energy, based in Houston.
But, he added, the company “will also consider unconventional assets in the Eagle Ford and Austin Chalk” in South Texas.
“Our strong track record of operations and asset acquisitions, along with integration and portfolio management, will drive our returns-based strategy,” Anderson said.
Properties of interest are PDP-weighted with acquire-and-exploit upside.
Earthstone merged into Permian Resources in November in a $4.5 billion all-stock deal. The E&P had built its production to more than 100,000 boe/d from the Permian Basin and South Texas since its 2014 start.
Joining PetroPeak are Steve Collins, formerly COO of Earthstone, and Scott Thelander, formerly Earthstone’s vice president of finance.
Anderson is currently an Earthstone board member. He and retired Earthstone executive Frank Lodzinski had merged their EnCap Investments-backed Oak Valley Resources into publicly held Earthstone Energy in 2014.
Recommended Reading
Hunt Oil Co. Markets DJ, Midcontinent-heavy Minerals Package
2024-06-04 - Hunt Oil Co., one of the nation’s oldest family-owned oil companies, is marketing minerals and royalties across several major basins.
Minerals Market Growing But Needs More Scale, Consolidation
2024-05-15 - The market value of public minerals and royalties companies has doubled since 2019—but the sector needs to grow even larger to attract generalist investors into the fray, experts say.
Multi-basin Mayhem: Conoco, Marathon Tout Eagle Ford, Bakken Runway
2024-05-31 - ConocoPhillips and Marathon Oil—which both trace their roots to the breakup of John D. Rockefeller’s Standard Oil Trust more than a century ago—are combining in a $22.5 billion deal.
Phoenix Capital Group Acquires Uinta Basin Royalty Interests
2024-04-29 - Phoenix Capital Group’s acquisition of 1,500 net royalty acres in Duchesne County, Utah, brings the company's investment in the Uinta Basin to more than $60 million, the company said.
APA Corp. Sells $700MM in Non-core Permian, Eagle Ford Assets
2024-05-20 - APA Corp. and subsidiary Apache are selling more than $700 million in non-core assets in the Permian Basin and Eagle Ford Shale—part of a plan to reduce debt after a $4.5 billion acquisition of Callon Petroleum.