![Tom Ward-Led Company Acquires Mississippi Lime Bolt-On](/sites/default/files/styles/hart_news_article_image_640/public/image/2019/05/tom-ward-led-company-acquires-mississippi-lime-bolt.jpg?itok=ZF2IUUVR)
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.
Recommended Reading
CEO: Baker Hughes Lands $3.5B in New Contracts in ‘Age of Gas’
2024-07-26 - Baker Hughes revised down its global upstream spending outlook for the year due to “North American softness” with oil activity recovery in second half unlikely to materialize, President and CEO Lorenzo Simonelli said.
Pemex Hits Debt Target, Struggles to Reverse Production Declines
2024-07-26 - Pemex achieved its long-term debt target, which aimed to gets its financial obligations below the $100 billion, while struggling to halt production declines.
Dividends Declared in the Week of July 22
2024-07-25 - Second quarter earnings are underway, and companies are declaring dividends.
NextDecade Appoints Former Exxon Mobil Executive Tarik Skeik as COO
2024-07-25 - Tarik Skeik will take up NextDecade's COO reins roughly two months after the company disclosed it had doubts about remaining a “going concern.”
Freeport LNG Parent Receives Junk-level Credit Score From Fitch
2024-07-25 - Credit-rating firm Fitch Ratings cited the 2 Bcf/d Texas plant’s frequent downtimes among the factors leading to lowering Freeport LNG Investments LLLP’s credit grade on July 25.