BVX Operating Sells Assests!

Sale of 17 producing Permian wells on 608 acres in Andrews & Ector Counties, TX.

Falcon E&P Opportunities GP LLC and its partner, BVX Operating Inc., have sold producing assets from their joint venture in the Permian Basin to a private buyer for $26 million.

The sale of 17 producing wells on 608 acres in Andrews and Ector counties Texas, closed on Dec. 31. "This sale marks the first investment in our fund to go full-cycle," said John Sears, managing director of Falcon.

"The project demonstrates our low-risk, development drilling strategy. When we invested, there were eight wells and 25 barrels of oil equivalent (BOE) per day of production. We exited with the project drilled on 40 acre spacing and producing over 200 BOE per day. BVX did an excellent job as operator and we are grateful for their expertise and partnership," he said.

"We enjoyed working with Falcon on this project," said Bill Burns, president of BVX. "They proved to be the non-operating partner of choice, with ready capital, a responsive back-office and vast experience. Falcon understood and endorsed our game plan, allowing us to implement the plan smoothly and on schedule. The working relationship with Falcon is always very positive; it is a real team effort."

Founded in 2010, Falcon E&P Opportunities Fund LP is a private equity fund which specializes in direct investments in onshore oil and gas assets located in the continental United States with $163 million in funds under management.
XCXP Operating LP and its operating subsidiary, BVX Operating Inc., are Midland-based oil and gas companies with offices in Midland and Katy, Texas.