BlackGold Capital Management LP acquired a diverse portfolio of mineral and royalty interests in the Midland Basin in West Texas, the Houston-based firm said Jan. 22 as it continued what it described as an “opportunistic approach to income-generating investments.”
Founded in 2006, BlackGold is a private investment firm focusing on asset-heavy, cash-flowing investments in the energy industry—a strategy which co-founder Adam Flikerski said the firm’s recent acquisition exemplifies.
BlackGold said 72% of the net royalty acres in the acquired portfolio are leased by operators in the top quartile of active horizontal rig counts in the Midland Basin. Further, the firm added that 99% of the acquired net royalty acreage is leased by operators in the top half. The seller of the assets was not disclosed.
Erik Dybesland, co-founder of BlackGold, also added in a statement: “BlackGold continues to acquire mineral and royalty interests in the core of low-cost basins under best-in-class operators.”
Though it did not disclose the financial terms of this most recent transaction, BlackGold said it has completed acquisitions of mineral and royalty interests totaling roughly $150 million in the past 12 months.
KKR & Co. Inc. holds a 24.9% passive minority interest in BlackGold, according to the company release.
Activist investor Elliott Management offered to buy oil and gas producer QEP Resources in an all-cash deal valued at $2.07 billion, saying that the company is "deeply undervalued."
Saudi Aramco CEO Amin Nasser says his company is looking to acquire natural gas assets in the U.S. and is willing to spend "billions of dollars" there as it aims to become a global gas player.
Capstone Natural Resources II retained TenOaks Energy Advisors for the sale of its operated Central Basin Platform properties in Ector and Upton counties, Texas, within the Permian Basin.