Oklahoma City-based Mach Natural Resources has closed on two transactions acquiring interests in oil and gas assets in the Midcontinent's Anadarko and Ardmore basins. (Source: Mach Natural Resources)
Oklahoma City-based Mach Natural Resources has closed on two transactions acquiring interests in oil and gas assets from undisclosed sellers in the Anadarko and Ardmore basins, the E&P announced Oct. 1.
Mach bought the assets for a total consideration of $136 million, financed through an offer of 7.85 million common units.
The company paid approximately $98 million for assets in the Ardmore Basin of Oklahoma, which includes 3,590 net acres and 19 operated wells, according to regulatory filings.
Filings showed Mach paid the remaining $38 million for the assets in the Anadarko Basin of Oklahoma and western Kansas, which includes 128,788 net acres and 270 operated wells.
Mach anticipates output from the acquired assets to average 5,220 boe/d (47% oil, 25% NGL, 28% gas).
The offer, announced Sept. 4, was expected to generate gross proceeds of approximately $150 million based on the $19.10 per unit closing price on Sept. 3.
The following day Mach’s unit price fell more than 12.5% to close at $16.71 on Sept. 5.
Mach announced Sept. 25 it would sell an additional 1.01 million common units at $16.50 per unit to further fund the acquisition and future deals.
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