Page 12 - NorthAmOil Week 32 2021

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NEWS IN BRIEF
NorthAmOil
UPSTREAM
US Energy Development to
invest $21.8mn in core of
Permian Basin
US Energy Development, an exploration and production (E&P) firm which provides direct investments in energy, announced today it has entered into a joint venture with Midland- based Atlantic Energy Partners to develop and operate three horizontal wells within the Permian Basin in Ward County, Texas. This strengthens US Energy’s existing position in Ward County where earlier this year, they completed and put online a three well pad at a developmental cost of approximately $30mn.
“This joint venture comes at an ideal time as we expand our footprint in the Permian Basin and the market continues to recover from COVID-19 with the drilling of new wells,” said Jordan Jayson, CEO of US Energy. “We look forward to working with the Atlantic team on this project in the Rio Hondo area and look forward to returning exceptional value to our investors.”
The partnership highlights US Energy’s strength as an operator with more than
40 years of experience, coupled with its reputation for professional excellence in closing deals, and Atlantic’s position as a strong E&P firm known for its technical expertise and ability to assemble tier one prospects. Additionally, both companies are tightly aligned on their commitments to Environmental Stewardship, Social
Responsibility and Corporate Governance (ESG), a framework that is rooted in their respective core values.
The three wells, which target oil producing zones in the Wolfcamp shale, are projected
to be online in the first quarter of 2022 and will carry a total project development cost
of approximately $28mn. Over the past year, US Energy’s activity in the Permian Basin includes closing on $86mn of projects, and the firm is projected to invest more than $150mn over the next 12 months.
“Since 2008, our team has been focused
on pursuing opportunities in the Permian Basin of West Texas; specifically, multi-pay Wolfcamp shale projects which are full of development potential,” said Richard Jennings, CEO of Atlantic Energy. “In addition to our own operations, the partnership with US Energy and their ability to execute and operate on task, gives us the ability to accelerate the development of these wells. We look forward to having these wells online in the first half of 2022.”
US ENERGY DEVELOPMENT, August 11, 2021
Viper Energy Partners, a subsidiary of Diamondback Energy, announces Midland Basin 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 Swallowtail Royalties and Swallowtail Royalties II in exchange
for 15.25mn units of Viper common stock
and $225mn of cash, subject to customary adjustments. The cash portion of this transaction is expected to be funded through a combination of cash on hand and borrowings under the company’s credit facility.
VIPER ENERGY PARTNERS, August 09, 2021
Bowline Energy announces
acquisition of Williston
Basin assets
Bowline Energy is excited to announce the purchase of Nine Point Energy’s Williston Basin assets. The purchase was effectuated through a Chapter 11 Section 363 process and was approved by the Bankruptcy Court and closed on August 9, 2021.
The Williston Basin remains one of the premier oil and gas basins in the United States and Bowline is excited by the prospects of growing its operations in this basin. The purchase of the Nine Point assets gives Bowline a strong production base and steady cash flows. Coupling these attributes with Bowline’s sound balance sheet, the company expects to commence a development programme, funded out of cash flows, and begin evaluating strategic M&A opportunities in the near future.
Bowline is also pleased to report that the company is in compliance with NDIC’s gas capture goals for the months of June and July, 2021. In addition, Bowline anticipates that it will meet or exceed NDIC’s 91% gas capture goal in August, 2021 and beyond. This provides Bowline with the flexibility to explore a myriad of long-term midstream solutions while providing a beneficial disposition of its gas. Bowline appreciates the support of its North Dakota field team for implementing our innovative gas capture solutions in a safe and expeditious manner. BOWLINE ENERGY, August 11, 2021
MIDSTREAM
Summit Midstream Partners reports second-quarter 2021 financial and operating results
Summit Midstream Partners announced today its financial and operating results for the three
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Week 32 12•August•2021