Veteran oil and gas executive Tom L. Ward is once again leading an Oklahoma-based E&P with a focus on acquisitions following a March 15 announcement that private-equity firm Bayou City Energy Management LLC (BCE) would partner with Ward.

The partnership, called BCE-Mach LLC, joins BCE and Ward’s Mach Resources LLC, which was incorporated in the state of Delaware just days before he stepped down as CEO from Tapstone Energy in January 2017.

Ward has enjoyed a colorful and lucrative history in the oil and gas business.

Ward previously founded and led Tapstone in 2013 following his removal by activist investors as CEO of SandRidge Energy Inc. (NYSE: SD), a company he helped create in 2006. His ousting from SandRidge led to Ward receiving severance payments of more than $90 million because he was removed without cause.

In addition, Ward co-founded Chesapeake Energy Corp. (NYSE: CHK) with Aubrey K. McClendon where he also served as the company’s president and COO.

Ward’s new venture with BCE, led by Will McMullen and Mark Stoner, will look to acquire, explore and develop oil and gas assets in Oklahoma and Kansas. BCE-Mach plans to consolidate and redevelop select undercapitalized regions of the upstream sector and will focus on acquisition opportunities of producing properties with strong cash flow generation and drilling inventories.

“We’re pleased to partner with Tom [Ward] and his exceptional management team at Mach to pursue this exciting strategy,” McMullen said. “The Midcontinent region supports excellent risk-adjusted upstream investment returns, and we’re confident the extensive network and leading insights brought by the Mach team combined with BCE’s experience operating in Oklahoma will result in a productive and profitable partnership.”

BCE-Mach Holdings LLC filed a notice for an exempt offering of securities on March 12, according to regulatory documents. Financial information was not disclosed on the documents.

Mach Resources was created with a preference toward low-risk, conventional asset development, according to a press release. The company registered its incorporated in Delaware on Dec. 27, 2016, according to online records. However, its formation date is listed as February 2017 on Oklahoma documents.

Mach Resources declined to comment for this article.

In a press release, Ward said as Mach Resources searched for an equity partner, “we were impressed with Bayou City’s investment approach and management team. Their previous track record in Oklahoma and outlook on future opportunities aligns well with our strategy at Mach. We look forward to working with BCE in actively pursuing assets that meet our common objective.”

Mach is described in the press release as an independent oil and natural gas producer focused on acquiring, exploring and developing high-return, low-cost projects. The company is located in Oklahoma City and federal records show it has a workforce of 10 to 19 employees.

Darren Barbee can be reached at dbabee@hartenergy.com.

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