The Mitchell Group and Redhawk Investment Group have launched an acquisition vehicle focused on the "famously productive" Stack Play in Oklahoma, the Dallas-based companies said Aug. 30.
The companies formed Redhawk Minerals Fund I LP through a $58 million mineral rights acquisition offering. The partnership is designed to acquire, own and administer mineral interests with the goal of purchasing interests in the Stack "in front of the bit."
"Timing is perfect now for mineral acquisition as many mineral owners'/sellers' price related expectations generally decline in proportion to the price of oil," Redhawk Minerals management said in the release.
The low oil prices can translate into the ability to acquire acreage at competitive prices, management added.
The Mitchell Group has more than 100 years of collective experience in the Stack area in the Anadarko Basin in central Oklahoma's Canadian and Kingfisher counties, according to a press release.
Recommended Reading
Comstock Continues Wildcatting, Drops Two Legacy Haynesville Rigs
2024-02-15 - The operator is dropping two of five rigs in its legacy East Texas and northwestern Louisiana play and continuing two north of Houston.
To Dawson: EOG, SM Energy, More Aim to Push Midland Heat Map North
2024-02-22 - SM Energy joined Birch Operations, EOG Resources and Callon Petroleum in applying the newest D&C intel to areas north of Midland and Martin counties.
CEO: Continental Adds Midland Basin Acreage, Explores Woodford, Barnett
2024-04-11 - Continental Resources is adding leases in Midland and Ector counties, Texas, as the private E&P hunts for drilling locations to explore. Continental is also testing deeper Barnett and Woodford intervals across its Permian footprint, CEO Doug Lawler said in an exclusive interview.
Chevron Hunts Upside for Oil Recovery, D&C Savings with Permian Pilots
2024-02-06 - New techniques and technologies being piloted by Chevron in the Permian Basin are improving drilling and completed cycle times. Executives at the California-based major hope to eventually improve overall resource recovery from its shale portfolio.
Tech Trends: Halliburton’s Carbon Capturing Cement Solution
2024-02-20 - Halliburton’s new CorrosaLock cement solution provides chemical resistance to CO2 and minimizes the impact of cyclic loading on the cement barrier.