Quantum Capital Group acquired Caerus Oil and Gas’ assets in the Uinta Basin of eastern Utah and the Piceance Basin of western Colorado for $1.8 billion. (Source: Shutterstock.com)
Rockies-focused producer Caerus Oil and Gas sold to Quantum Capital Group through two transactions valued at $1.8 billion.
The transactions include Caerus’ footprint of upstream and midstream assets spanning across the Piceance Basin in western Colorado and the Uinta Basin in eastern Utah. The deals also include the assumption of Caerus’ asset-backed securities and other liabilities.
Caerus is owned by a private investor group including Oaktree Capital Management, The Anschutz Corporation and Old Ironsides Energy.
Piceance Basin
A newly formed Quantum portfolio company, QB Energy, will acquire and manage Caerus’ asset base in the Piceance Basin, where the company held approximately 600,000 acres.
QB Energy will be led by industry veteran Roger Biemans, who will serve as president and CEO.
“The Piceance assets represent the largest single asset base atop the second largest gas resource in the continental U.S.,” Biemans said. “QB Energy is acquiring a shallow-decline production base with several decades of repeatable drilling inventory and intends to employ a number of Caerus’ existing capable workforce to ensure continuity in both the field and local communities.”
RELATED
CEO: Berry Seeks Horizontal Drilling Opportunities in Uinta Basin
Uinta Basin
KODA Resources, an existing Quantum portfolio company, will acquire Caerus’ portfolio of approximately 160,000 acres in the Uinta Basin, the companies announced Aug. 19. KODA will also pick up Caerus’ gathering and compression midstream assets in the Uinta.
“KODA has spent years decoding subsurface intricacies of the Uinta gas window, and we believe we are uniquely qualified to assume operatorship and further develop this high-quality production base adjacent to our existing acreage,” said Osman Apaydin, CEO of KODA Resources.
The Uinta Basin has seen increased drilling and consolidation activity this year. In June, SM Energy and Northern Oil & Gas (NOG) teamed up to acquire leading private Uinta producer XCL Resources for $2.55 billion.
NOG will own a 20% undivided stake in XCL valued at $510 million; SM will own the remaining 80% and operate the XCL assets.
RELATED
After $2.55B Deal, NOG and SM to Buy More Uinta Basin Assets
Recommended Reading
US Oil and Gas Rig Count Rises to Highest Since June, Says Baker Hughes
2025-02-21 - Despite this week's rig increase, Baker Hughes said the total count was still down 34, or 5% below this time last year.
Devon, BPX to End Legacy Eagle Ford JV After 15 Years
2025-02-18 - The move to dissolve the Devon-BPX joint venture ends a 15-year drilling partnership originally structured by Petrohawk and GeoSouthern, early trailblazers in the Eagle Ford Shale.
E&P Highlights: Feb. 18, 2025
2025-02-18 - Here’s a roundup of the latest E&P headlines, from new activity in the Búzios field offshore Brazil to new production in the Mediterranean.
Baker Hughes: US Drillers Add Oil, Gas Rigs for Third Week in a Row
2025-02-14 - U.S. energy firms added oil and natural gas rigs for a third week in a row for the first time since December 2023.
Exxon Seeks Permit for its Eighth Oil, Gas Project in Guyana as Output Rises
2025-02-12 - A consortium led by Exxon Mobil has requested environmental permits from Guyana for its eighth project, the first that will generate gas not linked to oil production.
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.