With M&A activity all around its Utah asset, private producer Scout Energy Partners aims to grow larger in the emerging Uinta horizontal play.
With the core of the Permian Basin largely locked up, “intrepid operators” are hunting for runway in more nascent Lower 48 basins and in less developed Permian benches.
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.
Ovintiv is expanding greatly in the Canadian Montney Shale play through a US$2.38 billion deal with Paramount Resources and exiting the newly booming Uinta Basin in Utah with a $2 billion sale to FourPoint Resources.
Rumored to be a potential buyer in the Permian Basin, Ovintiv instead struck a deal for lower-cost oil and condensate assets in Alberta’s Montney Shale.
East Daley looks at potential courses as the basin continues to increase production.
The operators are landing laterals in zones in the estimated 17 stacked benches in addition to the traditional Uteland Butte.
Following Quantum Capital Group’s closed $1.8 billion acquisition of Caerus Oil and Gas, KODA Resources gained 160,000 acres on the Uinta side.
Adding new-well inventory going forward will require “exploration or other creative measures,” said Nick O’Grady, whose Northern Oil and Gas holds interests in 10,000 Lower 48 wells.
Northern Oil and Gas CEO Nick O’Grady said the Uinta Basin has stayed off the radar but a time may come when Utah’s best kept secret starts to heat up in the M&A market.