Elliott portfolio company Validus Energy closed an $850 million acquisition of Midcontinent assets from 89 Energy III. (Source: Shutterstock.com)
Private producer Validus Energy closed an $850 million acquisition of Anadarko Basin assets from 89 Energy III.
Validus Energy, a portfolio company of Elliott Investment Management, purchased assets from 89 Energy III—a combination of three Kayne Anderson portfolio companies: Casillas Petroleum Resource Partners, Native Exploration and Acacia Exploration.
89 Energy manages 65,000 net SCOOP acres and produces an average of 25,000 boe/d (30% oil, 60% liquids), according to the company’s website.
Validus has been an active consolidator in the Anadarko Basin, which has languished in recent years due to a dearth of capital investment and exits by major producers.
In September, Validus struck a deal to acquire Oklahoma E&P Citizen Energy for more than $2 billion.
Before the Citizen acquisition, Validus reportedly spent $450 million acquiring Midcontinent assets from Continental Resources.
Validus was advised on the 89 Energy acquisition by attorneys from Kirkland & Ellis, the law firm said March 24.
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