Page 14 - NorthAmOil Week 27 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

The transaction was unanimously approved by
each of Patterson-UTI’s and Pioneer Energy Ser-
vices’ board of directors and is expected to close
in the fourth quarter of 2021, subject to regula-
tory approvals, customary closing conditions
and the approval of Pioneer Energy Services’
stockholders.
Additionally, Patterson-UTI has entered into
an agreement with holders who collectively rep-
resent approximately 88% of the outstanding
voting power of Pioneer Energy Services to vote
in favor of the transaction.
In addition to the US and Colombian con-
tract drilling businesses, Pioneer Energy Ser-
vices includes a well-run and high-quality well
service rig business consisting of 123 service
rigs with a leadership position in the Gulf Coast
region. Patterson-UTI believes this business
would be better served as part of a larger well ser-
vice rig business or as a focused standalone busi-
ness. Accordingly, Patterson-UTI expects that
this well service rig business would be divested
following the closing of the transaction. Rusty Hutson, Jr., CEO of the Company, Counsel, and Secretary.
Patterson-UTI, July 6 2021 commented: “Today’s announcement marks Thomas L. Carter, Jr., Black Stone’s Chair-
an important step in broadening our operating man and CEO, commented: “We’re very excited
Diversified Energy footprint within the Central Regional Focus to welcome Carrie to Black Stone. She brings
Area. Closing this transaction marks our entry significant strategic and practical experience,
announces completion of into the historic Barnett producing area, which which will be invaluable as we continue to focus
on development of our asset base to return max-
offers an attractive area for future growth. Sim-
Blackbeard acquisition ilar to our nearby and recently closed acquisi- imum value to our unitholders. We also expect
tion of Indigo assets in the Cotton Valley area, that Carrie’s acumen in leading teams will fur-
Diversified Energy has completed the purchase the Barnett area provides access to a portfolio ther strengthen our Land and Land Administra-
of certain upstream assets and related infrastruc- of future consolidation opportunities which tion groups.”
ture within its Central Regional Focus Area from meet our preferred asset criteria and afford us Clark has over 20 years of land and legal expe-
Blackbeard Operating, as previously announced the opportunity to build scale and operating rience, mostly in senior roles. She most recently
on May 20, 2021. efficiencies. These mature Barnett wells further served as Executive Vice President and Chief
Acquisition Highlights: Enlarges the Compa- expand our base of low-decline production and Administrative Officer of University Lands, a
ny’s presence in its Central RFA with an entry Smarter Asset Management opportunities. company within the University of Texas System
into the Barnett producing area. Net considera- “As with each transaction, I would like to that manages over 2mn acres of surface and min-
tion of $166mn represents a ~3.5x cash multiple welcome the Blackbeard employees who work eral interests in West Texas.
on approximately $48mn of estimated next 12 on these wells to the Diversified family. We look Before joining University Lands, Ms. Clark
months’ Adjusted EBITDA. Current production forward to working with these talented individ- was Deputy General Counsel at Talos Energy,
of ~16mn boepd (~95 mcf per day) includes uals to deploy our Smarter Asset Management now a public offshore exploration and produc-
~820 net operated wells with an average produc- efforts across the acquired assets to create value tion company, where she headed land. Before
tion-weighted well age of 11 years. PDP reserves for our shareholders.” Talos, she served as Vice President, Land & Legal
of ~79mn boe (473 bcf equivalent) with pretax Diversified Energy, July 5 2021 at EnerVest Operating, a private operator, where
PV10 of ~$238mn at the effective date of April 1, she oversaw land and legal and managed acqui-
2021, and based on May 7, 2021, NYMEX strip. sitions and divestitures.
Retention of ~50 skilled Blackbeard field person- MOVES Clark began her career in land and legal roles
nel who provide continuity of operations and at Shell Oil Company and a Texas-based electric
who will facilitate clear identification of Smarter Black Stone Minerals co-operative. She currently serves on the Board
Asset Management opportunities to create value. of Directors of Brigham Minerals Corporation
Hedge contracts covering ~80% of remaining announces hiring of but expects to step down from that position in
CY2021 production at an average floor price of connection with her appointment at Black Stone.
$2.93 per mmBtu. For the Acquisition, Diver- Carrie Clark as senior VP She has a JD from the University of Houston Law
sified paid total net consideration of approxi- Center and a BBA in Petroleum Land Manage-
mately $166mn ($180mn, gross) after customary Black Stone Minerals today announced that ment and Finance from Texas Tech University.
purchase price adjustments with a April 1, 2021 Carrie P. Clark will join the Company’s execu- Black Stone Minerals is one of the largest
effective date. The Company funded the Acqui- tive team as Senior Vice President, Land & Legal owners of oil and natural gas mineral interests
sition through a combination of cash on hand, on August 2, 2021. In that role, she will over- in the US. The Company owns mineral interests
including funds from its recent issuance of see Black Stone’s Land and Land Administra- and royalty interests in 41 states in the continen-
equity shares in May, and existing availability on tion groups. Steve Putman will continue in his tal US.
the Company’s Revolving Credit Facility. current role as Senior Vice President, General Black Stone Minerals, June 30 2021

P14 www. NEWSBASE .com Week 27 08•July•2021