Jones Energy has officially ended its run.
The independent oil and gas producer founded by former CEO Jonny Jones, who had a long history in the Anadarko and Arkoma basins of Texas and Oklahoma, said in a Jan. 7 news release that it had completed its previously announced merger with private equity backed Revolution Resources.
Jones Energy had agreed to the $201.5 million cash buyout in early December, about six months after the Austin, Texas-based company exited bankruptcy.
Revolution Resources is backed by Houston-based Mountain Capital Partners LP, which has about $1 billion of assets under management. The company has previously taken advantage of distressed Midcontinent companies to make acquisitions.
In January 2018, Revolution agreed to buy Gastar Exploration Inc.’s West Edmund Hunton Lime Unit (WEHLU) for $107.5 million.
In the Midcontinent and other areas, Jones Energy held about 185,000 net acres as of year-end 2018, including 10,708 undeveloped acres. About 94% of its leasehold was HBP. Additionally, the company’s inventory included 597 net wells and 2,017 net locations.
Following closing on Jan. 7, the company, which emerged from bankruptcy as Jones Energy II Inc., became a wholly owned subsidiary of Revolution.
Evercore and TD Securities (USA) LLC were financial advisers to Jones Energy, and Baker Botts LLP served as its legal counsel. Kirkland & Ellis LLP was Revolution Resources’ legal counsel.
Recommended Reading
Kimmeridge Fast Forwards on SilverBow with Takeover Bid
2024-03-13 - Investment firm Kimmeridge Energy Management, which first asked for additional SilverBow Resources board seats, has followed up with a buyout offer. A deal would make a nearly 1 Bcfe/d Eagle Ford pureplay.
Laredo Oil Subsidiary, Erehwon Enter Into Drilling Agreement with Texakoma
2024-03-14 - The agreement with Lustre Oil and Erehwon Oil & Gas would allow Texakoma to participate in the development of 7,375 net acres of mineral rights in Valley County, Montana.
SLB’s ChampionX Acquisition Key to Production Recovery Market
2024-04-21 - During a quarterly earnings call, SLB CEO Olivier Le Peuch highlighted the production recovery market as a key part of the company’s growth strategy.
Oil and Gas Chain Reaction: E&P M&A Begets OFS Consolidation
2024-04-26 - Record-breaking E&P consolidation is rippling into oilfield services, with much more M&A on the way.
PrairieSky Adds $6.4MM in Mannville Royalty Interests, Reduces Debt
2024-04-23 - PrairieSky Royalty said the acquisition was funded with excess earnings from the CA$83 million (US$60.75 million) generated from operations.