Terra Energy Partners LLC has agreed to purchase assets from bankrupt Ursa Piceance Holdings LLC and various subsidiaries for $60 million, according to bankruptcy documents.
A federal bankruptcy judge in Delaware approved the sale in November. The deal is expected to close on Dec. 22 or soon after.
Ursa Resources, backed by Denham Capital, holds about 41,000 net acres of oil and gas properties in the Piceance Basin. The acreage is concentrated in Boies Ranch, Battlement Mesa and other areas. Ursa reported owning 579 gross wells producing natural gas, NGL and oil. In June, the company averaged about 75 MMcfe/d of production.
Terra Energy Partners is a privately-held oil and gas exploration and production company founded in early 2015. The Houston-based company partnered with Kayne Anderson and Warburg Pincus in early 2016 following its purchase of Piceance Basin assets from WPX Energy Inc. The WPX deal, worth $910 million, included about 200,000 net acres with 11,000 gross drilling locations in Colorado.
Recommended Reading
Dividends Declared Week of Nov. 18
2024-11-22 - Here is a compilation of dividends declared in the week of Nov. 18 from select upstream and service and supply companies for fourth-quarter 2024.
Exclusive: Why Family Offices Favor ‘Lower-Risk’ Oil, Gas Investments
2024-11-22 - Evan Smith, Stephens’ senior vice president for investment banking, describes growth in the company’s network of family offices, specifically those investing in the energy sector, in this Hart Energy Exclusive interview.
Energy Sector Sees Dramatic Increase in Private Equity Funding
2024-11-21 - In a 10-day period, private equity firms announced almost $20 billion in energy funding. Is an end in sight for the fossil fuel capital drought?
Expand Energy Announces $500MM Tender Offer for 2026 Notes
2024-11-20 - Expand also issued a conditional notice of redemption for all of its outstanding 8.375% Senior Notes due 2028.
Vistra to Offer Senior Notes for Equity Interest Repayment
2024-11-19 - Vistra Corp. said the proceeds from the offer will be used toward an early payout for the installment purchase of Avenue Capital Management II’s interest in Vistra Vision.
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.