TXO Partners LP has agreed to acquire producing assets in the Elm Coulee Field of the Williston Basin from White Rock Energy, a Quantum Capital Group portfolio company.

The total cash consideration for TXO is approximately $350 million, of which $70 million will be deferred and payable a year after the deal’s closing, according to a May 13 press release.

The transaction is expected to add approximately 6,800 boe/d (~93% liquids) to TXO’s footprint and proved developed reserves of approximately 25 MMboe, the release stated.

The Elm Coulee Field’s resource base of approximately 4 Bbbl of oil in place “presents a significant target,” said Gary D. Simpson, co-CEO of TXO Partners.

 “The producing wells reflect top-notch margins across the oil industry. The horizontal drilling and completion techniques continue to enhance overall reservoir recovery. With more than 190,000 combined productive acres, we will be focused and diligent in delivering long-term production with a low-decline profile,” Simpson said.

The transaction is expected to close in third-quarter 2025.

The agreement was signed in partnership with North Hudson Resource Partners, whose affiliates will acquire a 30% non-operated interest in the White Rock assets for approximately $125 million.

Total consideration for White Rock’s Elm Coulee assets is $475 million, the release stated.

TXO’s purchase builds on its $296 million acquisition in the Elm Coulee Field in Montana with Eagle Mountain Energy Partners and Vendera Resources, which closed September 2024.

TXO’s counsel in connection with the acquisition and partnership with North Hudson is Kelly Hart & Hallman LLP and Latham & Watkins LLP, respectively. North Hudson’s counsel on this transaction is Gibson, Dunn & Crutcher LLP.

Jefferies LLC served as financial adviser to White Rock and Vinson & Elkins LLP served as legal counsel to White Rock.

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