Jones Energy II, Inc. a long-time exploration firm familiar in western Oklahoma and the Texas Panhandle has been acquired by year-old Revolution II Wi Holding Company LLC of Oklahoma City is a $201 million deal.
Revolution Resources will pay shareholders in Jones Energy, based in Austin, Texas $14.11 in cash for each share of the company. Closing of the acquisition is expected in the first quarter of 2020.
Scott Van Sickle, Chief Executive Officer, Matt Robertson, VP Operations and Brian Matthews, VP Finance make up the leadership team at Revolution Resources.
Jones Energy’s chairman of the board Jim Addison said, “We are pleased to reach this comprehensive agreement with Revolution. This announcement marks the completion and successful outcome of the Board’s extensive strategic alternatives process, which has been underway since earlier this year. Throughout the course of our exhaustive review, we engaged in meaningful strategic dialog with a significant number of potential counterparties. Ultimately, the board unanimously determined that an all-cash transaction with Revolution is in the best interests of our shareholders and the Company and will deliver the strongest economic value relative to the comprehensive range of alternatives we examined.”