Terra Energy Partners LLC has agreed to purchase assets from bankrupt Ursa Piceance Holdings LLC and various subsidiaries for $60 million, according to bankruptcy documents.
A federal bankruptcy judge in Delaware approved the sale in November. The deal is expected to close on Dec. 22 or soon after.
Ursa Resources, backed by Denham Capital, holds about 41,000 net acres of oil and gas properties in the Piceance Basin. The acreage is concentrated in Boies Ranch, Battlement Mesa and other areas. Ursa reported owning 579 gross wells producing natural gas, NGL and oil. In June, the company averaged about 75 MMcfe/d of production.
Terra Energy Partners is a privately-held oil and gas exploration and production company founded in early 2015. The Houston-based company partnered with Kayne Anderson and Warburg Pincus in early 2016 following its purchase of Piceance Basin assets from WPX Energy Inc. The WPX deal, worth $910 million, included about 200,000 net acres with 11,000 gross drilling locations in Colorado.
Recommended Reading
E&P Earnings Season Proves Up Stronger Efficiencies, Profits
2024-04-04 - The 2024 outlook for E&Ps largely surprises to the upside with conservative budgets and steady volumes.
Petrie Partners: A Small Wonder
2024-02-01 - Petrie Partners may not be the biggest or flashiest investment bank on the block, but after over two decades, its executives have been around the block more than most.
CEO: Coterra ‘Deeply Curious’ on M&A Amid E&P Consolidation Wave
2024-02-26 - Coterra Energy has yet to get in on the large-scale M&A wave sweeping across the Lower 48—but CEO Tom Jorden said Coterra is keeping an eye on acquisition opportunities.
Endeavor Integration Brings Capital Efficiency, Durability to Diamondback
2024-02-22 - The combined Diamondback-Endeavor deal is expected to realize $3 billion in synergies and have 12 years of sub-$40/bbl breakeven inventory.
Exxon, Chevron Tapping Permian for Output Growth in ‘24
2024-02-02 - Exxon Mobil and Chevron plan to tap West Texas and New Mexico for oil and gas production growth in 2024, the U.S. majors reported in their latest earnings.