Mach Natural Resources LP has closed an $815 million acquisition of oil and gas assets in the Anadarko Basin, the company said on Dec. 29.
Mach said in November it would buy approximately 62,000 net acres in Oklahoma from EnCap-backed Paloma Partners IV, a privately-held Delaware limited liability company.
In conjunction with the closing of the acquisition, Mach entered into an $825 million term loan credit agreement to fund the purchase price via a group led by Chambers Energy Management and EOC Partners, as well as Mercuria Investments US Inc., funds managed by Farallon Capital Management LLC, Macquarie Group and Texas Capital Bank among others. Texas Capital Bank acted as the administrative agent.
Mach also entered into a $75 million super priority revolving credit facility led by MidFirst Bank. Mach used proceeds from the term loan facility and cash on hand to repay existing amounts outstanding under a previously outstanding revolving credit agreement.
Kirkland & Ellis served as legal adviser for Mach. Vinson & Elkins served as legal adviser and RBC Richardson Barr served as financial adviser for the sellers. Latham & Watkins served as legal adviser for the term loan arranger.
Recommended Reading
US Drillers Add Oil, Gas Rigs for First Time in Five Weeks
2024-04-19 - The oil and gas rig count, an early indicator of future output, rose by two to 619 in the week to April 19.
US Drillers Cut Oil, Gas Rigs for Fourth Week in a Row-Baker Hughes
2024-04-12 - The oil and gas rig count, an early indicator of future output, fell by three to 617 in the week to April 12, the lowest since November.
US Gas Rig Count Falls to Lowest Since January 2022
2024-03-22 - The combined oil and gas rig count, an early indicator of future output, fell by five to 624 in the week to March 22.
US Drillers Add Most Oil, Gas Rigs in a Week Since September
2024-03-15 - The oil and gas rig count, an early indicator of future output, rose by seven to 629 in the week to March 15.
US Oil, Gas Rig Count Falls to Lowest Since January 2022
2024-05-03 - The oil and gas rig count, an early indicator of future output, fell by eight to 605 in the week to May 3, in the biggest weekly decline since September 2023.