Tulsa, Okla.-based Bravo Natural Resources LLC entered a purchase and sale agreement with Oklahoma City-based Canaan Natural Gas PE Funds for Arkoma Basin assets, Bravo said Sept. 24.
The producing and gathering assets will be acquired for $250 million in cash, and the agreement is scheduled to close in this year’s fourth quarter, the company added.
The assets have 950 operated and nonoperated wells producing in the Hartshorne Coal and Woodford formations. Net proved reserves are 286 billion cubic feet equivalent (Bcfe), and net production is about 33 MMcfe/d, of natural gas and liquids, Bravo said. There are 56,000 net acres that are prospective for horizontal, liquids-rich Woodford development, the company added.
“We are pleased with the opportunity to purchase an excellent set of assets from Canaan that include long-lived natural gas producing assets combined with approximately 56,000 net acres of potential development in the liquids-rich horizontal Woodford Formation in the Arkoma Basin of Oklahoma. The entire Bravo team looks forward to another highly successful venture,” said CEO Charlie Stephenson.
Bravo Natural Resources LLC was formed in 2013 with equity from Natural Gas Partners’ NGP Natural Resources X LP fund. It works in North American onshore basins.
Recommended Reading
Despite LNG Permitting Risks, Cheniere Expansions Continue
2024-02-28 - U.S.-based Cheniere Energy expects the U.S. market, which exported 86 million tonnes per annum (mtpa) of LNG in 2023, will be the first to surpass the 200 mtpa mark—even taking into account a recent pause on approvals related to new U.S. LNG projects.
Pitts: Producers Ponder Ramifications of Biden’s LNG Strategy
2024-03-13 - While existing offtake agreements have been spared by the Biden administration's LNG permitting pause, the ramifications fall on supplying the Asian market post-2030, many analysts argue.
EQT’s Toby Rice: US NatGas is a Global ‘Decarbonizing Force’
2024-03-21 - The shale revolution has unlocked an amazing resource but it is far from reaching full potential as a lot more opportunities exist, EQT Corp. President and CEO Toby Rice said in a plenary session during CERAWeek by S&P Global.
Everywhere All at Once: Woodside CEO Touts Current Global Portfolio
2024-03-05 - Meg O’Neill, the CEO of Australian energy giant Woodside Energy, is overseeing the “next wave” of growth projects around the globe, including developments in the Gulf of Mexico, offshore Senegal and further LNG expansion.
US Asks Venture Global LNG to Justify Filing of Confidential Documents
2024-03-13 - The FERC request comes days after Venture Global LNG customers had challenged the company's request for a one-year extension of its startup and urged the regulator to make Venture Global release the confidential commissioning documents.