Triple Crown Resources LLC has acquired Broad Oak Energy II’s assets in Irion County, Texas, in an atypical transaction between two private-equity backed firms, Hart Energy has learned.
The purchase price was more than $400 million, according to a source familiar with the transaction.
On April 4, a person answering the phone at Broad Oak’s Irving, Texas, office identified the company as “Triple Crown Resources” and added, “we’ve been acquired.”
Broad Oak’s now-defunct website said the company owned about 25,000 contiguous net acres in Irion. State records show the company operated at least 80 horizontal wells in 2017 averaged about 10,300 barrels of oil equivalent per day (boe/d), about 56% oil.