Resource Energy LLC Announces Acquisition in the Bakken Play
June 4, 2019
DENVER–(BUSINESS WIRE)–Resource Energy Can-Am LLC (“Resource Energy”) announced today that it
has purchased assets operated by an undisclosed seller in the Bakken
Play in Divide County, North Dakota. Under the terms of the agreement,
Resource Energy purchased assets including 19 wells, 750 net BOEPD and
proved producing net reserves of 2.2 MMBOE. The transaction closed on
May 23, 2019.
This acquisition follows Resource Energy’s previously announced
acquisitions of interests from American Eagle Energy Corporation, Samson
Resources Company, and Blue Ridge Mountain Resources. This acquisition
is Resource Energy’s fifth acquisition in Divide County, marking it as a
major producer and operator in the basin.
Paul Favret, CEO and President of Resource Energy, stated, “We are
excited to have completed the purchase of these significant assets.
Resource relied on its leading-edge knowledge of Bakken geology,
valuation and opportunities in pursuing this acquisition. The
transaction further expands the company’s operating footprint in the
Williston Basin, and is highly complementary to our existing position in
the play. Resource Energy expects to further improve margins and
operating efficiencies by reducing LOE, transportation costs, and
overhead per produced barrel. We are aggressively growing in the Bakken
and look forward to integrating these assets into our expanding
portfolio.” In 2019, Resource Energy also plans to drill and complete
several new wells in its extensive inventory of undrilled locations.
With the acquisition, Resource Energy has accumulated a substantial
acreage position in the Williston Basin of over 120,000 net acres,
proven reserves of approximately 33 MMBOE (14.2 MMBOE proved-producing),
and an interest in 416 wells (205 operated).
About Resource Energy
Resource Energy, led by Paul Favret and his experienced team, is
headquartered in Denver, Colorado. The management team has extensive
evaluation, acquisition, development and
operational expertise with experience in nearly all U.S. unconventional
basins. Resource Energy is dedicated to using state of the art
evaluation, drilling, and completion technologies while providing
financial discipline to optimize cash flows and value generation in a
challenging commodity price environment. The Resource Energy team enjoys
a long-standing reputation for conducting operations in a cost
effective, safe, and reliable manner. Resource Energy is backed by funds
advised by Apollo Global Management, LLC (the “Apollo Funds”). The
Apollo Funds are a leading global alternative investment manager with
offices in New York, Los Angeles, Houston, Chicago, Bethesda, Toronto,
London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong
Kong and Shanghai. The Apollo Funds have assets under management of more
than $300 billion as of March 31, 2019 in private equity, credit and
real estate funds invested across a core group of nine industries where
the Apollo Funds have considerable knowledge and resources.
For more information about Resource Energy, please visit www.resource-energy-us.com
For
more information about the Apollo Funds, please visit www.agm.com
Contacts
Resource Energy
Chris Tritz, 720-763-3670
Ctritz@resource-energy-us.com