Lime Rock Resources Acquires $533 Million in Oil and Gas Properties in North Dakota10/15/2014
Houston, October 15, 2014 — Lime Rock Resources, acquirers and operators of producing oil and gas properties in the United States, today announces that it has successfully closed two acquisitions, totaling $533 million, of working interests in oil and gas properties in the Williston Basin in Mountrail County, North Dakota. The Sanish acquisition, completed in March and representing the Lime Rock Resources funds’ first in North Dakota, comprises non-operated interests in 337 active wells in the Middle Bakken and Three Forks plays.
Eric Mullins, co-CEO of Lime Rock Resources, said, “Lime Rock believes the acquired interests are the right-sized entrance into the Bakken, diversifying our property base and allowing us to learn the area from a non-operated perspective. Over time, as in past acquisitions, we will seek opportunities to add to our position taking advantage of knowledge learned and our local presence in the area.” Charlie Adcock, co-CEO of Lime Rock Resources, added, “We made a competitive initial bid and eventually secured the opportunity, against similarly priced offers, through our creative structuring and negotiating ability. We believe that our ability to quickly execute transactions and deliver on our promise as buyers will continue to help us be a buyer of choice for owners looking to divest non-core properties. We are eager to work closely with the operators on the development of the fields.”
Following the Sanish acquisition, Lime Rock Resources acquired operated working interests in oil and natural gas properties in the West Stanley portion of the Sanish Field in Mountrail County, North Dakota, representing the second major acquisition by the Lime Rock Resources team in North Dakota.
Eric Mullins, co-CEO of Lime Rock Resources, said, “The West Stanley acquisition fits our strategy to acquire and operate lower-risk producing oil and gas properties in our core areas of operations. After closing the Sanish acquisition earlier this year, we introduced ourselves and our strategy to the operator of some of the assets in the Sanish acquisition who subsequently presented a package of assets to us for purchase consideration. Following exclusive negotiations, the final transaction was completed at a fair price in straightforward discussions, allowing both of us to achieve our goals to optimize and rationalize our assets.”
Charlie Adcock, co-CEO of Lime Rock Resources, added, “We are pleased that we could add another leg to our growing operations in the Williston Basin. We believe that as we become a larger operator in the region, we will not only be able to achieve more economies of scale but also become a buyer of choice for those looking to sell properties. We believe that with significant acquisition capacity, we will continue to acquire properties from sellers looking to generate liquidity in today’s difficult market.”
Through three private Lime Rock Resources funds and LRR Energy, the Lime Rock Resources team acquires, operates, and improves producing oil and gas properties in the United States. Based in Houston, the Lime Rock Resources team is acquiring a diverse group of proved oil and gas properties to provide its investors with attractive long-term returns. Established in 1998, Lime Rock Management has raised $5.5 billion in private equity funds for investment in the energy industry through Lime Rock Resources and Lime Rock Partners, investors of growth capital in E&P and oilfield services companies worldwide. For more information, please visit www.limerockresources.com.Back to News