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.
Recommended Reading
Hess Corp. Boosts Bakken Output, Drilling Ahead of Chevron Merger
2024-01-31 - Hess Corp. increased its drilling activity and output from the Bakken play of North Dakota during the fourth quarter, the E&P reported in its latest earnings.
President: Financial Debt for Mexico's Pemex Totaled $106.8B End of 2023
2024-02-21 - President Andres Manuel Lopez Obrador revealed the debt data in a chart from a presentation on Pemex at a government press conference.
Private Equity: Seeking ‘Scottie Pippen’ Plays, If Not Another Michael Jordan
2024-01-25 - The Permian’s Tier 1 acreage opportunities for startup E&Ps are dwindling. Investors are beginning to look elsewhere.
Some Payne, But Mostly Gain for H&P in Q4 2023
2024-01-31 - Helmerich & Payne’s revenue grew internationally and in North America but declined in the Gulf of Mexico compared to the previous quarter.
Uinta Basin: 50% More Oil for Twice the Proppant
2024-03-06 - The higher-intensity completions are costing an average of 35% fewer dollars spent per barrel of oil equivalent of output, Crescent Energy told investors and analysts on March 5.