FBS Properties Inc. (FBS) closed the acquisition of Warwick Oil & Gas Inc. (a Texas corporation), Warwick Oil & Gas Inc. (an Oklahoma corporation) and Reserve Royalty Corp., the company said Sept. 29. The companies have oil and gas interests in more than 20 counties and parishes in Texas, Arkansas and Louisiana.
FBS was founded by investor Fred Schneiderman. FBS’ acquisition rights were affirmed in the court case FBS Properties, Inc. v. Warwick Oil & Gas, Inc. et al, Cause No. 2012-33816. Management had initially refused to fully recognize its acquisition rights, FBS said.
FBS has offices in Houston and New York.
Shareholder advisory group ISS was, however, concerned about the potential impact on PDC if CEO Bart Brookman were to be removed from the board, said activist investor Kimmeridge.
WaterBridge’s private-equity backer sold a stake that implied a $2.8 billion enterprise value for the water midstream company that has a growing position in the Permian Basin.
As spending within cash flow is increasingly the norm for E&Ps, Drillcos provide a possible capital solution.