Houston’s Maverick Natural Resources, LLC announced Wednesday that it has acquired FourPoint Energy, LLC , the largest producer in the Western Anadarko Basin.
Fourpoint, a Denver, Colorado based company with three field offices in western Oklahoma and the Texas Panhandle became a wholly owned subsidiary of Maverick and was renamed Unbridled Resources, LLC. Both Maverick and FourPoint are majority controlled by EIG Global Energy Partners managed funds.
The acquired assets produce approximately 50,000 net barrels of oil equivalent per day (47% liquids) from Western Oklahoma and Northern Texas. The Unbridled position spans 700,000 acres across the core of the Granite Wash and Cleveland Sand plays. The acquisition also included MidPoint Midstream, LLC and Wheeler Midstream, LLC, which provide midstream services in the Western Anadarko Basin.
Chris Heinson, Maverick’s CEO, commented, “The acquisition of FourPoint demonstrates Maverick’s ability to translate its best-in-class operational proficiency into significant growth.”
He said by renaming Fourpoint Energy to Unbridled Resources, it signals a shift from the traditional shale model to a margin-focused operational strategy.
As part of the merger, EIG is adjusting the board composition to support the increased scale of the Company and the plans for continued growth and strategic development. Linda Z. Cook, Managing Director of EIG and CEO and board member of Harbour Energy, will join the Maverick board as Chairman and Jim Blackwell, an industry veteran who is also a board member of Harbour Energy, will join as well.
Source: BusinessWire