On June 13, Warwick Partners II LLC said that last month, it closed its acquisition of R/C Sugarkane LLC from New York-based Riverstone Holdings LLC. Warwick Partners is an affiliate of Oklahoma City-based Warwick Energy Group.
Houston-based R/C Sugarkane is a private upstream company that holds 7,300 net acres in the Eagle Ford’s core, Warwick Energy Group said. It currently produces about 1,200 net barrels of oil equivalent per day in Atascosa, Karnes and Live Oak counties, Texas, the company added.
A group of investors led by Boston-based ArcLight Capital Partners will fund the transaction, the company said, noting that the group includes Prudential Capital Group, Kramlich Investment Co., Serengeti Asset Management, the Freeman Group and Kyle Bass with Hayman Partners.
"The Eagle Ford Shale is a world class, liquids-rich resource play and through this acquisition we have acquired a multiyear drilling inventory that is both substantially de-risked and held by production. There has been extensive drilling and production on our acreage and we are exceedingly encouraged by the downspacing results and optimizations being achieved by our operators ConocoPhillips, Marathon and BHP Billiton," said Warwick Energy Group’s CEO Katherine Richard.
"We're excited about our relationship with Warwick Energy and the prospects of this partnership," said Mark Bisso, a principal at ArcLight.
"Kate has assembled a top-tier management team and the company is well-positioned to leverage its established production and infrastructure as it enters into a systematic development program," he added.
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