TEXEGY LLC has completed on Sept. 24 a transaction whereby it has entered into definitive agreements to lease a portion of its Austin Chalk minerals to Equinor Louisiana Properties LLC, a subsidiary of Equinor ASA.
As part of this leasehold transaction, Equinor is now the operator of a substantial portion of TEXEGY’s Austin Chalk assets in the Burr Ferry Field predominately located in Vernon Parish, La. Prior to this transaction, TEXEGY owned a majority of its Austin Chalk interests at 100% working interest and 100% net revenue interest.
TEXEGY was formed in late 2014 and has focused its efforts on acquiring and developing assets in Texas and Louisiana, which total over 100,000 acres. Burr Ferry and South Bearhead Creek fields in Vernon and Beauregard parishes, respectively, comprise the majority of the company’s Louisiana properties. AWP and Raccoon Bend fields in McMullen and Austin counties, respectively, make up the majority the company’s Texas properties.
“We could not be happier about this partnership,” Sherif Wadood, co-founder of TEXEGY, said. “Everyone in the industry is familiar with Equinor and their technical and commercial expertise. This asset is unique—not only is it a part of the well-proven Brookland field, but it also has wells that have produced in excess of one million barrels of oil equivalent per well without the advantage of modern completions. We look forward to working together with Equinor to not only maximize the value of their leasehold interests but also our retained royalty interest.”
Houlihan Lokey acted as financial advisor to TEXEGY, and Branscomb PC acted as legal counsel to TEXEGY for the transaction.
Recommended Reading
Australia's Woodside in Talks with at Least Three Partners for Louisiana LNG, Sources Say
2025-02-18 - Woodside Energy has held talks with several potential buyers of stakes in its Louisiana LNG plant, including Tokyo Gas, Japan's JERA and Saudi Aramco-backed MidOcean Energy, multiple sources told Reuters.
Venture Global Plaquemines Plant on Track to Produce LNG
2024-12-13 - Venture Global LNG’s Plaquemines plant was on track to pull in about 0.16 Bcf/d of pipeline gas on Dec. 13, up from 0.10 Bcf/d on Dec. 12, according to LSEG data.
Venture Global’s Plaquemines LNG Starts Production
2024-12-14 - Venture Global LNG reached a final investment decision on the 20 million metric tons per annum Plaquemines facility 30 months ago.
Dallas Fed: Trump Can Cut Red Tape, but Raising Prices Trickier
2025-01-02 - U.S. oil and gas executives expect fewer regulatory headaches under Trump but some see oil prices sliding, according to the fourth-quarter Dallas Fed Energy Survey.
BP Flows First Gas from Greater Tortue LNG Project
2025-01-05 - Once fully commissioned, Phase 1 of the Greater Tortue Ahmeyim LNG project led by operator BP is expected to produce approximately 2.3 MMtonne of LNG annually.