Red Wolf Natural Resources LLC struck its first acquisition on May 20 with the purchase of a large acreage position in Oklahoma shale plays where management of the newly-formed E&P company already have a successful track record.
Red Wolf said it acquired roughly 56,000 net acres and associated production in Oklahoma’s Scoop, Stack and Merge plays as well as the broader Anadarko Basin. The Oklahoma City-based company didn’t disclose the seller and value of the transaction.
The acquisition, comprised of contiguous acreage positions that the company said support extended-lateral drilling, marks the return of Red Wolf’s founders to the Oklahoma resource plays.
Red Wolf was formed in February with an equity commitment from Dallas-based energy investment firm Pearl Energy Investments. The value of the commitment wasn’t disclosed.
The company’s founders, led by CEO Drew Deaton and COO Jeff Dahlberg, have experience in the Anadarko Basin region as well as the Denver-Julesburg Basin from when the pair previously worked together at Ward Energy Partners LLC.
“We are excited to announce our re-entry into Oklahoma’s prolific Scoop, Stack and Merge plays with the acquisition of these assets,” Deaton said in a statement on May 20. “Our leadership team has a successful track record in and deep knowledge of this area from our prior experience.”
Red Wolf’s acquisition includes proven well results in primary target zones plus existing infrastructure and agreements with “top-tier” midstream operators in the region, according to the company press release.
Deaton called Red Wolf’s acquisition as strategic and said the transaction represents both near-term and long-term value for the company.
“We think that the Scoop, Stack and Merge plays combine many important characteristics of top-tier hydrocarbon plays, including multiple benches of stacked pay which provide compelling economic returns and repeatable results,” he added.
Thompson & Knight LLP and Kirkland & Ellis LLP were legal advisers to Red Wolf for the acquisition.
Emily Patsy can be reached at epatsy@hartenergy.com.
Recommended Reading
Williams Completes Mid-Atlantic Transco Expansion Project
2024-12-30 - Williams Cos.'s Transco Southside Reliability Enhancement project is now online.
Boardwalk Project Steps Up in Competitive Southeast Market
2024-12-12 - Boardwalk Pipelines' Kosciusko Junction project has reached FID as power generation and data centers’ energy demand pull natural gas to the eastern Gulf Coast.
EQT, Blackstone Credit Enter $3.5 Billion Midstream Joint Venture
2024-11-25 - Blackstone Credit & Insurance entered a joint venture with EQT Corp. to take a non-controlling interest in the Mountain Valley Pipeline and other infrastructure from the Equitrans transactions for $3.5 billion.
Kinder Morgan to Build $1.7B Texas Pipeline to Serve LNG Sector
2025-01-22 - Kinder Morgan said the 216-mile project will originate in Katy, Texas, and move gas volumes to the Gulf Coast’s LNG and industrial corridor beginning in 2027.
Midstreamers Say Need for More Permian NatGas Pipelines Inevitable
2024-11-26 - The Permian Basin’s associated gas output could outstrip the region’s planned capacity well before the end of the decade, pipeline company executives said.
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.