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Hawkwood Energy LLC, a private, independent upstream oil and gas company, has acquired producing and nonproducing assets in Brazos, Leon, Madison and Robertson counties, Texas.
The acquisition includes the purchase of Encana Oil and Gas (USA) Inc.’s (TO: ECA.TO, NYSE: ECA) assets.
Hawkwood’s combined transactions include about 1,800 barrels of oil per day (bbl/d) of current production and more than 50,000 generally contiguous net undeveloped acres.The acquired assets establish Hawkwood as a significant player in the emerging Eagle Ford and Woodbine plays in East Texas, the company said July 1. The amount of the acquisition wasn’t disclosed.
The company is targeting multiple Cretaceous-aged targets, including the Eagle Ford Shale’s northern extension and the Woodbine horizontal sand play.
Hawkwood's entry into the region is the result of two separate transactions: the purchase of Crimson Energy Partners III's assets located mostly in Brazos County and the purchase of Encana holdings located mostly in Robertson County.In April, Encana announced the sale of its East Texas properties, including those in Robertson County, for $530 million.
Encana sold combined areas representing about 90,000 net acres and 2013 average production of about 100 million cubic feet per day (MMcf/d) of natural gas and about 1,200 bbl/d of total liquids. Year-end 2013 total estimated proved reserves of the properties equate to just over 200 Bcfe compromised of 97% natural gas.
“We are excited about the growing unconventional activity in the Eagle Ford and Woodbine, as well as the other long term multipay opportunities the area has to offer,” said Patrick Oenbring, Hawkwood’s CEO. “Hawkwood intends to invest significant capital and resources into the area to create substantial value for its investors. As an operator, we are also committed to having a positive impact on the communities where we work, including taking an uncompromising approach to safety and environmental-related issues.”
Hawkwood, based in Denver, commenced operations in 2012 with a line-of-equity commitment of $315 million from lead investors Warburg Pincus LLC and Ontario Teachers' Pension Plan.
Hawkwood drives its production through its technical, operational and financial capabilities. The company has 20 employees and operates in the Alliance Basin of Nebraska as well as in East Texas.
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