The amount was not disclosed but Tulsa’s Armor Energy LLC divested its producing assets in the northern part of the Eagle Ford play in South Texas.
Crescent Pass Energy LLC closed on the acquisition as well as three bolt-on acquisitions in the Cotton Valley trend in East Texas. Houston-based Crescent Pass is a private exploration and production company financially partnered with Talara Capital Management.
Leadership of Armor Energy did not offer a comment or explanation following news of the deal.
The transactions, according to an announcement by Crescent Pass Energy increased its corporate footprint to 974 operated wells and net production to nearly 6,400 barrels of oil equivalent a day, evenly weighted between oil and natural gas.
The assets are supported by more than 140,000 net held-by-production (HBP) acres in various counties across Texas and Louisiana. In 2021 to date, Crescent Pass has deployed approximately $85 million on acquisitions, with substantial remaining equity capital reserved for future opportunities.
“We are pleased to have closed on our first Eagle Ford acquisition and look forward to continuing to expand our footprint of high-quality producing assets, both along this trend and across the Lower 48,” said Tyler Fenley, Crescent Pass Chief Executive Officer.
Andrew Heyman, Partner at Talara Capital Management commented, “Crescent Pass continues to make accretive acquisitions and improve the existing asset base. This team is at the cutting edge of applying the latest technologies related to revenue enhancements, cost reductions, and ESG matters. We expect to continue working closely with Crescent Pass to source assets and execute on the business plan in an environmentally responsible manner.”
Houston-based Crescent Pass is a private exploration and production company financially partnered with Talara Capital Management. Crescent Pass acquires, integrates, and optimizes PDP-weighted assets throughout the United States.
Source: Business Wire
