Oklahoma City-based BCE-Mach III LLC says it has made yet another acquisition for its operations, one totaling 18,200 acres of producing properties across three counties in Oklahoma.
The bolt-on acquisition includes about 4,400 net royalty acres and approximately 17 mmcfe/d of production. The acquisitions are in Blaine County which makes up a primary area of Oklahoma’s STACK play and in Custer County in the west and Dewey County in the northwest.
BCE-Mach III LLC was formed in early 2020 and has now closed on four separate acquisitions across the Anadarko Basin. In total, Bayou City Energy Management LLC and Mach Resources LLC have made nine separate acquisitions since 2018 across the three BCE-Mach portfolio companies.
BCE-Mach anticipates generating more than $300 million of operating cash flow in 2021 with a net debt to EBITDA multiple of less than 0.2x.
“We remain active and successful in closing acquisitions that fit our profile,” said CEO Tom Ward. “In early 2021, BCE-Mach made a concerted effort to add natural gas reserves to our portfolio. Our last two acquisitions were over 70 percent weighted toward natural gas while prices have increased more than 80 percent this year.”
“Our low-leverage profile allows the BCE-Mach enterprise to remain flexible with respect to hedging and shareholder distributions and opportunistic with respect to developmental operations and acquisitions,” said Will McMullen, Founder & Managing Partner at BCE. “The disciplined approach we’ve employed on all of the above will continue to allow us to efficiently grow our already vast position in the Mid-Continent.”
Mach is an independent oil and natural gas producer focused on acquiring, exploring and developing high-return, low-cost projects. Founded in January 2017, the company pursues assets with production history and development opportunity. Mach is headquartered in Oklahoma City, OK with 80 corporate team members and 220 field team members across seven field offices.
Source: Business Wire