Wing Resources nabbed $100MM in NGP backing for Permian minerals deals. (Source: Shutterstock)
Private equity firm NGP continues to partner with Wing Resources in pursuit of mineral and royalty deals in the Permian Basin.
Dallas-based Wing Resources raised $100 million in new equity commitments from NGP for Wing Resources VII LLC, the management team’s seventh partnership with NGP, the companies announced April 20.
NGP invested in Wing Resources VII through NGP Royalty Partners II LP, the firm’s most recent private equity fund aimed at buying mineral and royalty interests.
The Wing Resources team continues to be led by President and CEO Nick Varel, who founded the Permian-focused mineral and royalty acquisition company in 2016.
“We are excited to continue our partnership with NGP to build a premier mineral and royalty acquisition platform focused on delivering superior risk-adjusted returns to its stakeholders,” said Varel. “The Wing VII team believes our mineral and royalty expertise, along with strong equity backing and industry relationships, will enable us to continue creating value in today’s dynamic market environment.”
Wing VII plans to continue to focus its mineral and royalty acquisition strategy focused in the Permian’s Midland and Delaware basins.
In 2019, Wing sold oil and gas minerals in the Permian Basin to coal production company Alliance Resource Partners LP for $145 million in cash.
Alliance said it added roughly 9,000 net royalty acres in the Midland Basin through the Wing asset acquisition.
“Nick and the Wing team have built an incredible mineral and royalty franchise with demonstrated results for investors,” said Peter Ray, principal at NGP. “We believe Wing’s highly talented team coupled with its market vision will continue to position the company for long-term success.”
U.S. oil and gas mineral and royalty transactions reached a record $6.8 billion in 2022, according to data from RBC Richardson Barr. That’s nearly double the previous record of $3.5 billion in 2018.
Recommended Reading
NatGas Prices Drop After Freeport LNG Train Shutdown
2024-11-22 - Freeport LNG’s report says one of three liquefication trains went offline due to an oil lube pump issue on Nov. 20.
Darbonne: What are We Supposed to do Without Hydrocarbons?
2024-11-21 - Oil and Gas Investor asked individuals who understand fossil fuels if any “end oil” agitator has ever explained what the world would do without hydrocarbons. No, they haven’t gotten an answer either.
NatGas Storage Drops Ahead of Predictions
2024-11-21 - U.S. Energy Information Administration's weekly report shows the first withdrawal of the fall, a week before the consensus forecast.
US NatGas Prices Jump 7% to 1-Yr High on Surprise Storage Draw, Colder Forecasts
2024-11-21 - The U.S. Energy Information Administration said utilities pulled 3 Bcf of gas from storage during the week ended Nov. 15.
Permian Trends Continue to Point to Crude Growth
2024-11-20 - Smaller, more creative M&A deals are becoming the standard in the Permian’s Midland and Delaware basins, an Enverus analyst says.
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.