Winright Resources LLC said Dec. 19 it closed an equity commitment from certain affiliates of Och-Ziff Capital Management Group LLC in conjunction with its initial acquisition in the Anadarko Basin.
Winright Resources is a private company based in The Woodlands, Texas, co-founded by CEO Jason Cribbs and COO Clayton Mykytiw to target the acquisition, exploitation and development of oil and gas properties in the Midcontinent regions of Texas and Oklahoma.
The company's first asset purchase includes more than 13,000 net acres prospective for multiple pay horizons and about 14 million cubic feet of equivalent per day of net gas production, according to the company release. The seller and terms of the transaction were not disclosed.
“The recent acquisition is the exact type of opportunity we seek: a mature producing field with operational upside,” Mykytiw said in a statement. “We will employ our operational improvement techniques as well as execute on our development strategy to maximize production, recovery and value in a safe and environmentally conscientious manner.”
Both Cribbs and Mykytiw are petroleum engineers and industry veterans with acquisition, evaluation, operations and development experience, according to the release.
Winright also looks forward to its newly formed partnership with Oz Management, which will provide “significant leverage” as it continues to actively pursue additional acquisitions, Cribbs said in a statement.
Oz Management is an institutional alternative asset manager with offices in New York, London, Hong Kong, Mumbai, Beijing, Shanghai and Houston. The firm’s private energy investment team focuses on middle market investments in the upstream, midstream and energy services sectors primarily in North America and has invested roughly $2 billion in the sector, the release said.
Recommended Reading
Kissler: OPEC+ Likely to Buoy Crude Prices—At Least Somewhat
2024-03-18 - By keeping its voluntary production cuts, OPEC+ is sending a clear signal that oil prices need to be sustainable for both producers and consumers.
Buffett: ‘No Interest’ in Occidental Takeover, Praises 'Hallelujah!' Shale
2024-02-27 - Berkshire Hathaway’s Warren Buffett added that the U.S. electric power situation is “ominous.”
Aramco Reports Second Highest Net Income for 2023
2024-03-15 - The year-on-year decline was due to lower crude oil prices and volumes sold and lower refining and chemicals margins.
Sunoco’s $7B Acquisition of NuStar Evades Further FTC Scrutiny
2024-04-09 - The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act for Sunoco’s pending acquisition of NuStar Energy has expired, bringing the deal one step closer to completion.
Stockholder Groups to Sell 48.5MM of Permian Resources’ Stock
2024-03-06 - A number of private equity firms will sell about 48.5 million shares of Permian Resources Corp.’s Class A common stock valued at about $764 million.