Page 14 - NorthAmOil Week 37

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NEWS IN BRIEF
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conversion of the existing Yuma preferred stock into a mutually agreed amount of newly-issued Yuma common stock. The letter of intent contemplates that the exchange and conversion described above would occur prior to December 31, 2019. The contemplated restructuring, if completed, is subject to definitive agreements on mutually agreeable terms to be negotiated by the parties.
YUMA ENERGY, September 10, 2019
Viper Energy Partners, a Subsidiary of Diamondback Energy, announces all- equity acquisition
Viper Energy Partners, a subsidiary of Diamondback Energy, today announced it has entered into a definitive purchase and
sale agreement to acquire certain mineral and royalty interests from Santa Elena Mineralsfor approximately 5.2 million common units representing limited partner interests in Viper, subject to certain adjustments. The transaction is valued at $150mn and will
have an effective date of October 1, 2019
with closing anticipated in the fourth quarter of 2019, subject to continued diligence and closing conditions.
VIPER ENERGY PARTNERS, September 13, 2019
Announcing the launch of Pickering Energy Partners
Dan Pickering, former president of Tudor, Pickering, Holt & Company (TPH) and chief investment officer of TPH Asset Management (a division of Perella Weinberg Partners Capital Management (PWPCM)), today announced the creation of Pickering Energy Partners (PEP) via a spin-out of all remaining energy asset management strategies of PWPCM. On behalf of its clients, PEP will seek to continue capitalising on opportunities in the energy sector that have arisen from the ongoing five-year cyclical correction.
“This spin out into an employee-owned firm will allow us to continue to develop energy investment strategies and related businesses that can take advantage of energy market opportunities for our clients,” stated Dan Pickering, chief investment officer.
“My PEP partner Walker Moody and I have
assembled a team over the past decade with a strong entrepreneurial mindset, which is critical for attacking opportunities during energy’s cyclical corrections, expansions and transitions.”
With this launch, PEP carries over
TPH’s remaining energy asset management strategies, a newly capitalised balance sheet, and will seek to expand its offerings where its expertise and network can enhance clients’ energy investments. PEP will remain in its current downtown Houston offices and will maintain a relationship with the investment banking and research principals of TPH. TPH’s Bobby Tudor and Maynard Holt are among the investor group in PEP and will serve on PEP’s advisory board. Dan Pickering will also become a senior advisor to TPH.
PEP specializes in both public and private equity energy-focused strategies designed
to target strong risk-adjusted returns. The company expects to continue its current platform of energy funds and investment vehicles, and is considering launching a new suite of real asset-focused strategies later this year.
PICKERING ENERGY PARTNERS, September 11, 2019
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Week 37 17•September•2019