The Mitchell Group and Redhawk Investment Group have launched an acquisition vehicle focused on the "famously productive" Stack Play in Oklahoma, the Dallas-based companies said Aug. 30.
The companies formed Redhawk Minerals Fund I LP through a $58 million mineral rights acquisition offering. The partnership is designed to acquire, own and administer mineral interests with the goal of purchasing interests in the Stack "in front of the bit."
"Timing is perfect now for mineral acquisition as many mineral owners'/sellers' price related expectations generally decline in proportion to the price of oil," Redhawk Minerals management said in the release.
The low oil prices can translate into the ability to acquire acreage at competitive prices, management added.
The Mitchell Group has more than 100 years of collective experience in the Stack area in the Anadarko Basin in central Oklahoma's Canadian and Kingfisher counties, according to a press release.
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