DALLAS—Asset deals have become more challenging in areas like the Permian Basin of West Texas given the fluctuations in valuations as well as the cash available to make them happen, but some smaller, private equity funded groups are still looking for the right acquisitions.
Speaking at Hart Energy’s recently-held A&D Strategies and Opportunities conference in Dallas, Polidoros Trejos, CFO of independent Fortuna Resources LLC, confirmed the launch of its third, cash-backed venture Fortuna III with a $100 million commitment from North Hudson Resource Partners LP.
“Fortuna III is targeting the Northern Delaware basin and it is a non-operated opportunity as well focused on near-term developments,” Trejos told attendees at the conference. “Fortuna I was followed the build-and-flip model. That model doesn’t exist today. We will concentrate on buying wellbore-only AFEs (authorized for expenditure). Fortuna III is open for business, and we want your non-op deals.”