Presidio expands holdings in Oklahoma
After acquiring Midstates’ Western Anadarko Basin assets in 2018 and the assets of Apache Petroleum in 2019, Fort Worth-based Presidio Petroleum just picked up the assets of Oklahoma City’s Templar Energy in a bankruptcy auction.
Presidio spent $91 million on acquiring the latest assets after getting approval of the sale from a bankruptcy judge last week.
Templar had holdings in 2,165 oil and gas wells and leases covering 273,400 acres in northwestern Oklahoma and the Panhandle of Texas.
“Presidio was founded with a differentiated strategy of pursing attractive risk-adjusted returns through operational excellence and capital-efficient growth via acquisition, not drilling activity,” remarked Will Ulrich, Presidio’s co-founder and CEO. “We are excited to have completed this transaction consistent with that strategy, and welcome our new employees from Templar to the Presidio team.”
Nearly 100 employees worked at Templar’s subsidiary Templar Operating.