Resource Energy Partners LLC, a recently formed private equity-backed upstream company, said Feb. 3 it acquired Williston Basin assets back in November.
The deal, the company's first, included 112 total wells, 54 operated, with 2,300 barrels of operated oil equivalent per day production in the Williston. The company, which was capitalized by funds affiliated with Apollo Global Management LLC, successfully closed the acquisition on Nov. 23.
Resource is actively pursuing opportunities to expand its footprint in the Bakken play as well as in other Rockies and Texas unconventional oil plays. According to the release, the company will be pursuing several acquisitions from $25- to $500 million over the next several years.
Resource, led by Paul Favret and Kent Moore, is headquartered in Denver. The duo formed the company to implement an acquisition and exploitation strategy principally focused on the revitalization of existing wellbores as opposed to drilling new wells, the release said.
The management team has extensive evaluation, acquisition, development and operational experience with expertise in nearly all of the U.S. unconventional basins, according to the release. The company 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.
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