Industry veteran Tom Ward founded Oklahoma City-based Mach Resources in January 2017 to pursue “high-return, low-cost” projects. (Source: Mach Resources LLC)
Mach Resources LLC, an independent oil and gas producer led by industry veteran Tom Ward, continues to build its position in the Mississippi Lime play with a bolt-on acquisition on May 22 through its partnership with a Houston-based private-equity firm.
BCE-Mach LLC—the name of the company’s partnership with Bayou City Energy Management LLC (BCE)—agreed to purchase producing properties primarily in Kansas’ Barber and Harper counties. Though Mach did not disclose the seller and terms of the transaction, the company said the deal marks the third acquisition for BCE-Mach in the Mississippi Lime since the partnership launched.
BCE, led by Will McMullen and Mark Stoner, agreed to link up with Ward’s Mach Resources in March 2018 to acquire, explore and develop oil and gas assets in Oklahoma and Kansas. No financial details were provided.
RELATED: Tom Ward Returns To Midcontinent Spotlight With Private-Equity Backing
Pro forma its recent acquisition which is expected to close this summer, BCE-Mach owns roughly 260,000 net acres across 22 counties in Oklahoma and Kansas.
Additionally, the partnership operates 835 wells and owns an interest in 1,561 wells operated by third parties. BCE-Mach currently operates two rigs in the field, according to the Mach press release.
“BCE-Mach is pleased with the acquisitions we’ve made in the Mississippi Lime,” Ward said in a statement on May 22. “This purchase continues our consolidation of the play, provides a solid addition of producing properties and expands our inventory of drilling opportunities.”
Ward formed Mach Resources in January 2017. He previously founded and led Tapstone Energy in 2013 following his removal by activist investors as CEO of SandRidge Energy Inc., a company he helped create in 2006. Ward also previously co-founded Chesapeake Energy Corp. with Aubrey K. McClendon and served as Chesapeake’s president and COO.
Emily Patsy can be reached at epatsy@hartenergy.com.
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