Jones Energy has officially ended its run.
The independent oil and gas producer founded by former CEO Jonny Jones, who had a long history in the Anadarko and Arkoma basins of Texas and Oklahoma, said in a Jan. 7 news release that it had completed its previously announced merger with private equity backed Revolution Resources.
Jones Energy had agreed to the $201.5 million cash buyout in early December, about six months after the Austin, Texas-based company exited bankruptcy.
Revolution Resources is backed by Houston-based Mountain Capital Partners LP, which has about $1 billion of assets under management. The company has previously taken advantage of distressed Midcontinent companies to make acquisitions.
In January 2018, Revolution agreed to buy Gastar Exploration Inc.’s West Edmund Hunton Lime Unit (WEHLU) for $107.5 million.
In the Midcontinent and other areas, Jones Energy held about 185,000 net acres as of year-end 2018, including 10,708 undeveloped acres. About 94% of its leasehold was HBP. Additionally, the company’s inventory included 597 net wells and 2,017 net locations.
Following closing on Jan. 7, the company, which emerged from bankruptcy as Jones Energy II Inc., became a wholly owned subsidiary of Revolution.
Evercore and TD Securities (USA) LLC were financial advisers to Jones Energy, and Baker Botts LLP served as its legal counsel. Kirkland & Ellis LLP was Revolution Resources’ legal counsel.
Recommended Reading
NatGas Storage Withdrawal Hits Triple Digits Again
2025-02-13 - Analysts said the heavy withdrawals followed colder than expected weather and a growing demand for LNG.
AI Deals Line Up for Energy Transfer’s Gas Supply
2025-02-13 - Midstream company Energy Transfer’s executives say they’re working on more than 100 deals for gas-powered generation projects.
EIA’s 2025 NatGas Price Forecast Pops 21% to $3.80
2025-02-11 - Cold, LNG growth and a steady trickle of agreements between natgas suppliers and data centers drove the forecast price higher, the U.S. Energy Information Administration said.
NatGas Shouldering Powergen Burden, but Midstream Lags, Execs Warn
2025-02-10 - Expand Energy COO Josh Viets said society wants the reliability of natural gas, but Liberty Energy CEO Ron Gusek said midstream projects need to catch up to meet demand during a discussion at NAPE.
Energy Transfer Signs First Deal to Supply Data Center with NatGas
2025-02-10 - Energy Transfer LP agreed to provide up to 450,000 MMBtu/d of natural gas to CloudBurst Data Centers Inc.’s flagship AI-focused development in Central Texas.