Two privately-owned oil and gas companies agreed to team up on June 12 to jointly develop their assets in the red-hot Louisiana Austin Chalk play.
On June 12, Prime Rock Resources LLC, a Lime Rock Partners portfolio company, said it formed a joint venture (JV) with New Dawn Energy LLC for undisclosed terms. The JV will jointly develop more than 100,000 net acres contributed by each company in central Louisiana targeting the Austin Chalk.
After a period of being largely written off, Louisiana’s Austin Chalk play is experiencing a new era of popularity. Earlier this year, Charles Goodson, president and CEO of PetroQuest Energy Inc., told Hart Energy’s DUG Haynesville conference attendees that the Austin Chalk is currently in “its third wave.”