UpCurve Energy Partners II LLC recently completed an initial acquisition in the Delaware Basin after announcing a new equity commitment from Post Oak Energy Capital LP on Jan. 5.
Originally formed in 2015 by a core team of former employees of ConocoPhillips Co., UpCurve is focused on utilizing technology and innovative engineering practices to develop the company’s acreage position in the core of the southern Delaware Basin.
“We are excited to once again partner with the Post Oak team,” UpCurve President Zach Fenton commented in a Jan. 5 company release.
“We believe that patient, long-term capital in combination with prudent and environmentally responsible development will yield attractive investment returns, particularly in the current macro environment,” Fenton added.
UpCurve currently operates a leasehold position of 12,000 net acres in Reeves County, producing 12,000 boe/d, according to the company release.
Prior to the new equity commitment, UpCurve had held a roughly 10,000 net-acre position in Reeves County producing about 10,000 boe/d. The company, however, has since tacked on another 2,000 net acres to its Reeves County position with 2,000 boe/d of production as part of UpCurve II’s initial acquisition. Further details of the transaction weren’t disclosed.
UpCurve is planning to use its remaining equity commitment from Post Oak to continue to pursue an acquire and exploit strategy and is actively evaluating acquisition opportunities in both the Delaware and Midland basins in what Post Oak Director Ryan Walsh describes as an “opportunity-rich environment.”
“We believe the team’s unique combination of technical expertise and commercial acumen will position us well for continued success in the Permian Basin,” Walsh said of the firm’s new commitment in the UpCurve release.
The amount of the new equity commitment from Post Oak has not been disclosed. Post Oak’s commitment to UpCurve was $100 million at the time of the company’s formation in 2015, according to the UpCurve website.
Recommended Reading
ADNOC Buys 11.7% Stake in NextDecade’s Rio Grande LNG Project
2024-05-20 - The United Arab Emirates’ ADNOC will acquire a 11.7% equity stake in Phase 1 of NextDecade Corp.’s Rio Grande LNG (RGLNG) project from Global Infrastructure Partners (GIP), while also entering an offtake agreement for 1.9 mtpa from the Texas export facility.
What's Affecting Oil Prices This Week? (May 20, 2024)
2024-05-20 - U.S. economic activity, geopolitical uncertainty in the Middle East and the U.S.' recent hike in Chinese EV import duties all have a hand in the sway of oil prices this week.
Bakshani: Midstream Exhibiting M&A Fever Symptoms
2024-05-20 - East Daley Analytics identified several market factors in the midstream sector that point to further consolidation ahead.
Exclusive: Adkins on Challenged Gas Prices, Growing Crude Demand
2024-05-15 - J. Marshall Adkins, head of energy investment banking at Raymond James, details the future of natural gas prices and misconceptions about crude demand coming to an end in this Hart Energy Exclusive interview.
CoolCo, GAIL Enter Long-term LNG Agreement
2024-05-16 - CoolCo and GAIL’s agreement is intended to secure long-term LNG supply in India’s market, with GAIL having an option to extend the 14-year agreement by another two years.