Quantum Capital Group has acquired the oil and fuel operations of Caerus Oil and Gasoline, an organization centered on the Rocky Mountain area, for $1.8 billion.
Quantum acquired the Caerus property by way of two separate portfolio firms. Caerus is owned by a personal investor group together with Oaktree Capital Administration, The Anschutz Company, and Previous Ironsides Power. The overall consideration contains the belief of asset-backed securities and different liabilities, Quantum stated in a information launch.
Newly shaped QB Power is buying the manufacturing upstream property, gathering and compression midstream property, roughly 600,000 acres, and all different property owned by Caerus within the Piceance Basin, in accordance with the discharge.
- Advertisement -
QB Power is a Quantum portfolio firm established in partnership with Roger Biemans, a seasoned power entrepreneur who has constructed and offered a number of portfolio firms with Quantum over the previous 18 years, the corporate stated. Biemans will function President and CEO of QB Power.
Additional, KODA Assets is buying the manufacturing upstream property, gathering and compression midstream property, roughly 160,000 acres, and all different property owned by Caerus within the Uinta Basin. KODA is an present Quantum portfolio firm led by President and CEO Osman Apaydin and Government Chairman Kurt Doerr.
Biemans stated, “The Piceance Belongings characterize the most important single asset base atop the second largest fuel useful resource within the continental U.S. QB Power is buying a shallow-decline manufacturing base with a number of a long time of repeatable drilling stock and intends to make use of a variety of Caerus’ present succesful workforce to make sure continuity in each the sphere and native communities”.
As a long-time investor and operator in Colorado’s power sector, I’m honored to have the chance to guide QB Power as we launch this platform throughout a pivotal time for the U.S. power financial system,” Biemans continued. “These strategically situated, world-class property present super growth potential in a pure fuel market experiencing each important demand progress and provide constraints. I stay up for working with the Quantum and Caerus groups to assist a seamless transition and unlock new worth for our prospects, workers, companions, and Quantum’s buyers”.
Apaydin stated, “KODA has spent years decoding subsurface intricacies of the Uinta fuel window, and we imagine we’re uniquely certified to imagine operatorship and additional develop this high-quality manufacturing base adjoining to our present acreage. This transaction ushers within the subsequent chapter of the KODA/Quantum partnership, and we’re thrilled to be joined by many members of the prevailing Caerus workforce”.
Dave Keyte, Founder and CEO of Caerus, added: “It has been an honor to guide this workforce and work with our funding companions for the previous 15 years to ascertain Caerus as one of many nation’s premier pure fuel suppliers. Caerus was the primary firm to totally undertake sandless fracks within the basin. We used that approach in additional than 500 wells throughout Colorado and Utah to considerably cut back truck and rail visitors and enhance nicely outcomes to succeed in report productiveness ranges within the basin. We additionally accomplished the most important water therapy facility within the western U.S. as a way to recycle 100% of our produced water for fracking functions, drastically lowering the necessity for contemporary water and additional lowering truck visitors. I’m proud to transition Caerus’ total workforce and these property to a brand new group of householders who I do know deliver the suitable growth and administration capabilities to responsibly maximize their output over the long run. We want them nicely”.
“As an lively non-public power investor, we acknowledge the necessary position of increasing entry to scrub and dependable power in key markets throughout america,” Tom Discipline, Associate at Quantum, stated. “This transaction represents a novel alternative for Quantum to spend money on substantial pure fuel manufacturing alongside giant, contiguous acreage positions containing sizable hydrocarbon sources with important worth creation potential. We imagine that KODA and QB Power are nicely positioned to steward the subsequent section of growth and operation of the Belongings to serve responsibly pure fuel demand facilities within the western U.S. whereas producing engaging returns for our buyers”.
“Pure fuel performs an more and more necessary position in our power grid, providing a uncommon mixture of sustainability, reliability, and affordability that may enable us to fulfill rising energy wants,” Chuck Davidson, Associate at Quantum, stated. “The Caerus property present entry to a number of the largest pure fuel sources within the western markets, which have skilled repeated, localized power shortages lately. Alongside our companions at KODA and QB Power, we anticipate to proceed optimizing these operations, driving important worth for our buyers whereas serving to deliver dependable, inexpensive, low-carbon power to extra finish customers.”
Quantum describes itself as a number one supplier of personal fairness, credit score, and enterprise capital to the worldwide power and power transition trade.
To contact the writer, e mail rocky.teodoro@rigzone.com
