Posse Resources LLC boosted its footprint in the Haynesville Shale with the acquisition of all of the remaining mineral and royalty assets held by the inaugural fund of Live Oak Resources Partners LLC.

Privately held Live Oak focuses on the aggregation and management of royalty and mineral interests and nonoperated working interests in the Haynesville Shale of North Louisiana and East Texas. The remaining assets held by its inaugural fund Live Oak Resource Partners I LP, which closed in July 2016, included North Louisiana royalty acreage.

“While this sale provides for a successful exit in Fund I, Live Oak remains principally active in the Haynesville as the leading acquiror of royalty, mineral and nonoperated working interests in the basin,” said Live Oak President and CFO Andrew Keene, who also helped cofound the firm in early 2016.

According to Keene, the Live Oak team has closed over 600 transactions in the last five years covering more than 18,000 royalty acres.

In a joint release by the Houston-based companies on Aug. 19, Live Oak said it sold the remaining assets of its inaugural fund to Oak Ridge Royalties LP, an entity newly created by Posse Resources.

In his statement, Keene added: “In a challenging A&D market, we believe our Fund I portfolio found the proper suitor; a firm with a long history and substantial existing footprint in the basin, deep technical understanding of the Haynesville, and a long-term view towards the ownership of mineral rights.”

Posse, formerly Peter Paul Petroleum Co., is a family-owned private company founded by B.P. Huddleston in 1967. The company focuses on the acquisition and management of mineral and royalty properties and nonoperated working interests, primarily in Louisiana, Texas and Oklahoma, among other areas within the U.S., according to the company release.

Mitchell Currie, vice president of Posse, said the Live Oak acquisition will complement the company’s existing North Louisiana property base held by its affiliated entity, Louisiana Minerals Ltd.

“We believe this acquisition of mineral and royalty interests with exposure to the Haynesville, Bossier and Cotton Valley formations enhances our diverse portfolio of oil and gas investments,” Currie said in a statement.

The Live Oak transaction included roughly 4,800 net royalty acres (normalized to 1/8 royalty) located in North Louisiana, with production across the Haynesville Shale, Bossier Shale and Cotton Valley formations. Transaction terms weren’t disclosed.

Willkie Farr & Gallagher LLP led by partner Michael De Voe Piazza represented Live Oak in the transaction. Kean Miller LLP and Ewing & Jones, PLLC served as legal counsel to Posse.