Mach Natural Resources priced a public offering of common units following the close of $29.8 million of assets near its current holdings in the Ardmore Basin on Jan. 31. (Source: Shutterstock, Mach Natural Resources)
Mach Natural Resources announced on Feb. 6 the pricing of its public offering on 12,903,226 common units representing limited partner interests to the public at $15.50 each. The firm expects net proceeds of about $192.5 million on the offering, which is expected to close on Feb. 7.
Mach (NYSE: MNR) intends to use the net proceeds from the offering to repay in full the approximately $23 million of outstanding borrowings on its super priority credit facility; the remainder will be allocated to repay a portion of its term loan credit facility.
The firm will use cash on hand to repay the remaining balance on its term loan credit facility and terminate it following the offering.
Stifel, Nicolaus & Co.; Raymond James & Associates; TCBI Securities Inc., doing business as Texas Capital Securities; and Truist Securities are joint book-running managers for the offering. Johnson Rice & Co. and Stephens Inc. are serving as co-managers.
Last week, Mach closed Jan. 31 on its $29.8 million purchase of oil and gas assets—the so-called Flycatcher assets—located near the Ardmore Basins assets Mach bought last year. The effective date is Oct. 1, 2024.
The Flycatcher acquisition includes total proved reserves of 9.6 MMBoe with total PV-10 of $67.3 million as of Dec. 31 based on strip pricing as of Jan. 15; based on Securities and Exchange Commission pricing, the total proved reserves were recorded at 9.6 MMBoe as of Dec. 31 with total PV-10 of $63.6 million.
The total proved reserves mix is 60% liquids and 40% natural gas. The acquisition boosted Mach’s total leasehold and mineral acreage to 1,046,662 net acres.
Recommended Reading
Mach Prices Common Units, Closes Flycatcher Deal
2025-02-06 - Mach Natural Resources priced a public offering of common units following the close of $29.8 million of assets near its current holdings in the Ardmore Basin on Jan. 31.
Rising Phoenix Capital Launches $20MM Mineral Fund
2025-02-05 - Rising Phoenix Capital said the La Plata Peak Income Fund focuses on acquiring producing royalty interests that provide consistent cash flow without drilling risk.
Alliance Resource Partners Adds More Mineral Interests in 4Q
2025-02-05 - Alliance Resource Partners closed on $9.6 million in acquisitions in the fourth quarter, adding to a portfolio of nearly 70,000 net royalty acres that are majority centered in the Midland and Delaware basins.
Diamondback Energy Appoints Industry Veteran Holderness to Board
2025-02-04 - Diamondback Energy has named Darin G. Holderness, who founded and served as CFO at P&A Exchange LLC and CFO at ProPetro Holding Corp. as a board of directors at the Permian Basin E&P.
Executive Compensations Rising in Sync with Shareholder Payoffs
2025-02-04 - Compensation for oil and gas executives, up an average 8% to 10%, is increasingly tied to stock metrics, rewarding performance instead of growth, according to an Alvarez & Marsal report.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.