Fort Worth-based Pine Wave Energy Partners LLC announced on March 14 that it has entered into a definitive agreement to sell certain Haynesville assets located in Caddo Parish, Louisiana and Harrison and Panola Counties, Texas, to affiliates of Silver Hill Energy Partners III, LP.
Pine Wave’s assets consist of approximately 12,500 net acres with ownership interests in 10 operated wells with approximately 100 million cubic feet per day of production.
Also included in the transaction is Pine Wave's associated midstream infrastructure, including 18 miles of natural gas gathering pipelines located in Caddo Parish and Panola County.
The deal is expected in the second quarter of 2022 and is subject to customary approvals and closing conditions. Upon closing, Pine Wave will continue to operate its other properties and pursue new opportunities as a portfolio company of Old Ironsides Energy LLC, according to a press release.
“This transaction with Silver Hill is a significant step in the Pine Wave story,” Ben Hunter, CEO of Pine Wave, said in a statement.
“Over the past four years we have worked to build an outstanding position in the Haynesville, and I am proud of the way our team has executed across the board. We are grateful for our ongoing partnership with Old Ironsides and look forward to shifting our operational focus to the company’s next venture.”
“We are excited to acquire these high-quality assets, which directly offset our existing operations in the heart of the Haynesville Shale,” said Kyle Miller, founder, president and CEO of Silver Hill. “With this transaction, we are able to further expand our development inventory in an area that continues to present tremendous opportunity. Pine Wave has done a terrific job building its business and we expect to be able to positively leverage their strong position in the region.”
Akin Gump Strauss Hauer & Feld LLP served as legal counsel to Pine Wave’s management team, and Shearman & Sterling LLP served as legal counsel to Silver Hill.
Recommended Reading
E&P Highlights: Feb. 12, 2024
2024-02-12 - Here’s a roundup of the latest E&P headlines, including more hydrocarbons found offshore Namibia near the Venus discovery and a host of new contract awards.
ChampionX to Acquire RMSpumptools, Expanding International Reach
2024-03-25 - ChampionX said it expects the deal to extend its reach in international markets including the Middle East, Latin America and other global offshore developments.
Triangle Energy, JV Set to Drill in North Perth Basin
2024-04-18 - The Booth-1 prospect is planned to be the first well in the joint venture’s —Triangle Energy, Strike Energy and New Zealand Oil and Gas — upcoming drilling campaign.
OEP Completes Acquisition of TechnipFMC’s Measurement Solutions Business
2024-03-27 - One Equity Partners said TechnipFMC’s measurement solutions business will be rebranded as Guidant and specialize in measurement technology, automation solutions and global systems.
Permian Activity in ‘Low-to-no-growth’ Mode for First Half
2024-02-22 - After multiple M&A moves in 2023 and continued E&P adherence to capital discipline, Permian Basin service company ProPetro sees the play holding steady.