Page 17 - NorthAmOil Week 42

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM with approximately 1,400 wells drilled to date. will own 95% of Tengasco and the current
Steward Energy, founded in 2012 Tengasco stockholders will own the remaining
Rising Phoenix Royalties and headquartered in Frisco, TX, is an 5%. In addition, Riley will become a wholly
independent exploration and production
owned subsidiary of Tengasco.
announces second Yoakum (E&P) company, holding over 100,000 acres in focused on developing conventional oil and
Riley is a private equity backed company
New Mexico and Texas.
County, Permian Basin, gas industry expertise, helps guide mineral natural gas properties in the Northwest Shelf
RPR, backed by 4 generations of oil and
of the Permian Basin. Riley was formed
oil and natural gas royalty owners nationwide with solutions in selling with the goal of building a premier Permian
their mineral assets. Common reasons why
Basin pure-play acquisition, exploration, and
acquisition RPR clients choose to sell their royalties development company, focusing on oil-rich,
geologically driven sweet spots within legacy
include liquidating estates, diversifying
Rising Phoenix Royalties (RPR) announces investment portfolios, funding retirement, oilfields that are conducive to newer drilling
its second 2020 Yoakum County, Permian maximizing tax benefits, or for immediate and completion techniques. Riley’s acreage is
Basin, oil and natural gas royalty acquisition, financial need. RPR provides a comprehensive primarily located on large contiguous blocks
totalling 24 PDP wells, from an undisclosed analysis of each divestiture to assist owners in in Yoakum County, Texas and Lea, Roosevelt
seller. achieving their financial and life goals. and Chaves Counties in New Mexico; and the
Ring Energy and Steward Energy, two of RISING PHOENIX ROYALTIES, October 21, 2020 offset legacy assets are located in the Permian
the top 3 production companies in Yoakum Basin San Andres fields, which include the
County, are well-site operators. Tengasco and Riley Wasson and Brahaney Fields.
“Rising Phoenix Royalties acquired the Riley’s assets have a shallower decline
Yoakum County acquisition through our Exploration-Permian profile than most unconventional reservoirs,
mineral space network,” notes Janie Widman, which provides Riley with optionality in terms
Vice President, Rising Phoenix Royalties. announce merger of capital deployment, development schedule,
“Many of our acquisitions are the result of and management of organic growth. As a
trusted relationships we have within the agreement result, Riley has a strong balance sheet with a
energy industry.” low debt to trailing twelve months Adjusted
“We welcome royalty acquisition Tengasco and Riley Exploration – Permian EBITDAX ratio of 1.4:1, has been able to grow
partnerships with mineral companies that announced today that they have entered into production quarter over quarter, and has a
are seeking added backing to complete a definitive merger agreement in an all-stock record of paying cash dividends to common
purchases,” continued Widman. “In addition, transaction. Under the terms of the merger unitholders for the past 6 quarters totalling
we purchase assets mineral companies are agreement, Tengasco will issue approximately $25mn to date.
looking to divest.” 203mn shares of Tengasco common stock TENGASCO AND RILEY EXPLORATION –
Midland, Texas-based Ring Energy, Inc.has to Riley members at the closing of the PERMIAN, October 21, 2020
35 years of experience in analysing, drilling, transaction. Following the closing of the
and production in the San Andres formation transaction, the current members of Riley
MIDSTREAM
Summit Midstream Partners

announces FERC approval

of Double E pipeline project

Summit Midstream Partners, LP (SMLP)
announced that on October 15, 2020,
Double E Pipeline, a joint venture in which
SMLP owns a 70% equity interest and
serves as operator, received Federal Energy
Regulatory Commission (FERC) approval of
its application to construct and operate the
Double E pipeline project, pursuant to Section
7(c) of the Natural Gas Act. Double E is a new
interstate natural gas pipeline that is currently
under development and, upon completion,
will provide up to 1.35 million dekatherms of
firm transportation service from the Delaware
Basin in southeast New Mexico and West
Texas to delivery points near Waha in Reeves
and Pecos Counties, Texas. Upon fulfilling
certain remaining requirements, including
finalizing a right-of-way grant from the

Week 42 22•October•2020 www. NEWSBASE .com P17