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
What's Affecting Oil Prices This Week? (Feb. 3, 2025)
2025-02-03 - The Trump administration announced a 10% tariff on Canadian crude exports, but Stratas Advisors does not think the tariffs will have any material impact on Canadian oil production or exports to the U.S.
Italy's Intesa Sanpaolo Adds to List of Banks Shunning Papua LNG Project
2025-02-13 - Italy's largest banking group, Intesa Sanpaolo, is the latest in a list of banks unwilling to finance a $10 billion LNG project in Papua New Guinea being developed by France's TotalEnergies, Australia's Santos and the U.S.' Exxon Mobil.
Chevron to Lay Off 15% to 20% of Global Workforce
2025-02-12 - At the end of 2023, Chevron employed 40,212 people across its operations. A layoff of 20% of total employees would be about 8,000 people.
Expand Energy Picked to Join S&P 500
2025-03-10 - Gas pureplay Expand Energy will be elevated on March 24 from its position in the S&P MidCap 400 index.
Imperial Appoints New President, CEO Following Brad Corson’s Retirement
2025-02-13 - Imperial’s board of directors has appointed Exxon Mobil’s John Whelan as president effective April 1 and to assume the roles of chairman and CEO on May 8.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.