WildFire Vitality I LLC has acquired roughly 16,000 internet acres of leasehold and 58 operated wells within the East Texas Eagle Ford from an undisclosed vendor.
With the acquisition, WildFire will function greater than 2,000 wells on 873,000 internet acres within the japanese Eagle Ford encompassing Fayette, Bastrop, Lee, Austin, Washington, Burleson, Brazos, Milam, Robertson, Madison, and Grimes counties in Texas, the corporate mentioned in a information launch. The monetary particulars weren’t disclosed.
“The acquired asset is a perfect match to our present acreage, and we look ahead to working the asset with the advantages of our scale within the Eagle Ford,” Wildfire President and COO Steve Habachy mentioned. “Acquisitions reminiscent of this one characterize an vital a part of our firm’s technique and we proceed to hunt out and consider related transactions”.
Acquisition from Apache
In Might, WildFire entered into an settlement to accumulate roughly 237,000 internet acres and pursuits in 465 wells within the East Texas Eagle Ford from Apache Company and its subsidiaries.
WildFire’s whole place contains roughly 550,000 internet acres potential for the Austin Chalk in addition to acreage within the Woodbine, Buda, and Georgetown formations, it mentioned in a separate information launch.
Within the first quarter, the acquired Apache belongings averaged internet day by day manufacturing of roughly 11,000 barrels of oil equal (boe), consisting of 67 p.c liquids. WildFire estimated that unaudited internet proved reserves had been roughly 40 million barrels of oil equal (MMboe) as of December 31, 2023. Professional forma for the acquisition, WildFire’s internet day by day manufacturing will surpass 50,000 boe, consisting of 85 p.c liquids, it mentioned.
The Apache acquisition follows WildFire’s acquisition of Chesapeake Vitality Company’s Brazos Valley area belongings within the japanese Eagle Ford in March and permits WildFire to capitalize on its present infrastructure and scale within the area. WildFire beforehand acquired MD America Vitality, LLC in March 2022 and Hawkwood Vitality, LLC in August 2021, which started the method of consolidating the japanese Eagle Ford basin.
“This acquisition of adjoining belongings offered us with a strategic alternative to proceed consolidating the basin,” Habachy mentioned. “With a complete of greater than 850,000 internet acres, we’ve got constructed a premier contiguous asset base, making WildFire the most important operator in your entire Eagle Ford pattern”.
WildFire Vitality describes itself as an impartial power platform firm pursuing production-weighted oil and gasoline belongings in onshore U.S. basins, looking for to effectively optimize and develop reserves utilizing fashionable applied sciences and its in depth working expertise. The corporate was fashioned in 2019 with funding from Warburg Pincus, Kayne Anderson, and its administration.
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