Admiral Permian Resources, LLC, a Midland, Texas-based independent oil and gas company focused on the acquisition and development of unconventional oil and gas reserves in the Permian Basin, announced the closing of its acquisition of leasehold interests and related assets from Three Rivers Operating Co. III LLC. This includes more than 59,000 net acres in Reeves and Culberson Counties in West Texas. The properties produced more than 15,000 net barrels of oil equivalent per day in March.
In addition, funds managed by the Private Equity Group of Ares Management, L.P. (NYSE: ARES) have acquired a majority stake in Admiral.
“The successful completion of our acquisition in Reeves and Culberson Counties represents the collective efforts of our team to secure a leading resource footprint in the Delaware Basin. With the transaction completed, our focus now shifts to developing this asset through the execution of our development plan and expanding the team's reputation as an efficient, low-cost operator,” said Denzil West, Chief Executive Officer of Admiral. “We are also excited for our new partnership with the Ares team, which provides us meaningful capital to continue pursuing our strategic business model.”
“We are excited to partner with Admiral’s management team to build a business of scale and create value in the Delaware Basin,” said Gary Levin, Partner in the Ares Private Equity Group. “With Admiral, we saw a unique opportunity to invest in a company with both a proven track record and exciting prospects for future growth, as evidenced by this acquisition in one of the most prolific oil and gas regions in the country.”
Source: Admiral Permian Resources, LLC
Date: Apr 23, 2018