Strategic acquisition of conventional oil and gas assets from Hibernia Resources III, LLC supports Lodestone |’s long-term goal Acquisition financed with local financing West Texas partner
Midland, Texas, July 20, 2022 /PRNewswire/ — Lodestone Energy Partners II, LP (“Lodestone Energy” or the “Company”) announced today that it has acquired assets from Hibernia Resources III, LLC (“Hibernia”), which are owned by BCP Resources, LLC ( “BCP Resources”).
Lodestone Energy is a vertically integrated fund focused on opportunities in the conventional oil and gas space. These assets are considered an ideal acquisition for the company due to their excellent financial profile and world-class performance midland Pool. The fortune extends Reagan and upton counties, Texaswith 85 conventional and 21 older horizontal wells covering over 2,000 MBOE of net PDP reserves at 63% liquids.
“Hibernia’s assets align well with our strategic goal of expanding our footprint of operating conventional assets in the Permian Basin,” stated Barry Portman, Managing Partner of Lodestone and CEO of BCP Resources. “We are privileged that Hibernia has placed their trust in us and we look forward to continuing the high quality operation and expansion of these assets alongside Hibernia as they continue their growth strategy as the world’s leading oil producer midland Pool.”
The acquisition was funded by local partners West Texas, which combines a private equity placement with a senior energy debt facility. AggieTech Capital (“ATC”) located at midland and Masked Rider Capital (“MRC”) located in Lubbock anchored the equity placement and the credit facility was provided by Midland’s Community National Bank (“CNB”).
Embry CanterburyCEO of Hibernia, stated, “The sale of our legacy assets supports the development of Hibernia’s high quality acreage and we have been very pleased and impressed with BCP Resources’ operational expertise in pursuing and completing this transaction.”
Mark BallenAggieTech CEO, stated, “We are excited to partner with BCP Resources and Lodestone Energy because of their deep roots and experience in the Permian Basin, as well as talented people. We are confident that this transaction will generate significant returns and future growth for our fund.”
Trey ThomasonMasked Rider Capital’s Chief Investment Officer stated, “MRC is pleased to be associated with both the operations team at BCP Resources and Lodestone Energy Partners. We are sure that both teams value the relationships with their partners, combined with their solidity and unique experience they can aspire to significant growth in this sector.”
“Investing in our customers and the local community is our passion.” specified Amber Prieto, Vice President of Commercial Lending at Community National Bank. “A local oil and gas operator with significant experience in the region who has entered into a partnership West Texas Equity sources is a great fit and we are delighted to support this project and look forward to their future growth.”
“This is just the beginning for us and we are honored to be working with great local partners such as Aggie Tech Capital, Masked Rider Capital and Community National Bank,” Portman added. Highly attractive conventional wells are available to the right operator when they can no longer scale with the large growth of the oil and gas portfolio. We are excited about this acquisition and look forward to continuing to aggressively pursue similar opportunities to add value and invest in the local economy. ”
Red Oaks Energy Advisors represented Hibernia’s sale of the assets. Field, Manning, Stone, Hawthorne & Aycock, PC and Nixon Legal Group PLLC represented Lodestone Energy and BCP Resources, and Mani Little & Wortmann, PLLC acted as legal counsel to Hibernia.
About Lodestone Energy Partners II, LP and BCP Resources, LLC
Lodestone is dedicated to acquiring and developing conventional oil and gas assets in the Permian Basin to unlock value for its investors. BCP Resources is Lodestone’s dedicated oilfield operator. Together, these two entities offer over 100 years of experience in conventional oil and gas exploration and production. For more information, visit www.lodestone-energy.com and www.bcpresourcesllc.com.
About AggieTech Capital, LLC
Founded in 2008, AggieTech Energy Services (“ATES”) has become the largest private pumping unit service company in the Permian Basin, utilizing a variety of fleet equipment, a state-of-the-art machine shop and highly trained and experienced staff. Leveraging similar world-class industry experience, ATES quickly expanded to include AggieTech Wellhead and as these companies grew, an energy capital fund was created to invest in industrial projects, AggieTech Capital. For more information, visit www.aggietechcompanies.com.
About Masked Rider Capital, LLC
Masked Rider Capital, LLC (“Masked Rider Capital” or “MRC”) is a multi-family office founded in 2012 focused on acquiring and investing in private companies. Masked Rider Capital proudly serves lower and mid-market companies West Texas Communities and communities through innovative capital solutions. MRC provides capital in the form of controlled and uncontrolled equity, debt and hybrid securities. The company is industry independent and participates in real estate development opportunities. MRC is headquartered in Lubbock, TX. Visit www.maskedrider.com for more information.
About the National Bank of the Community
Founded in 1984, Community National Bank continues to build on its original mission of being a strong, locally owned, independent financial institution. The employees, officers and directors respect the traditional responsibility of a local bank to promote the development of its customers and, in turn, the community. Their focus on training, technology and service has helped them grow from their original southern location midland at eleven locations throughout the market area. For more information, visit www.cnbtx.bank.
Hibernia is an acquisition and development company focused on the exploration, growth and production of oil and natural gas properties. It is a portfolio company of NGP.
Lodestone energy partner
SOURCE Lodestone Energy Partners