Lime Rock Resources Announces Divestment of Brazos Bend Assets in the Eagle Ford

Houston, Texas — September 6, 2023 — Lime Rock Resources (“Lime Rock”), a Houston-based energy private equity firm focused on acquiring, operating, and improving producing oil and gas properties in the United States, announced today that it has entered into a definitive agreement to divest its Brazos Bend assets located in the Eagle Ford and Austin Chalk formations of South Texas.

Lime Rock originally acquired the Brazos Bend assets in December 2021. The package included 48,000 net acres, 96% of which are operated, in a high-quality, liquids-rich corridor targeting the Austin Chalk and Eagle Ford formations.

Following the acquisition in 2021, Lime Rock executed a 10-well drilling program throughout 2022, which included seven Austin Chalk wells and three Eagle Ford wells. Six of these wells were brought online in 2023, delivering production results at or above internal forecasts. This successful execution underscores Lime Rock’s ability to rapidly enhance value through focused operational management.

“This transaction is a great example of our core strategy at work—acquire high-quality assets, apply disciplined capital, and execute operationally to drive value,” said Eric Mullins, Co-Founder of Lime Rock Resources. “The Brazos Bend sale not only returns significant capital to our investors but also aligns with our internal valuation.”

The sale further demonstrates the strength of Lime Rock’s asset management and monetization approach. The retained upside through commodity-linked contingent payments offers additional value.

“Our team did an excellent job developing these assets and delivering strong well performance,” said Jonathan Hickman, Chief Operating Officer of Lime Rock Resources. “The outcome of this divestiture provides compelling proof of our ability to enhance and harvest value from operated assets in a disciplined and timely manner.”

About Lime Rock Resources
Founded in 2005, Lime Rock Resources is an energy-focused private equity firm that acquires, improves and operates producing oil and gas properties throughout the United States. Based in Houston, Lime Rock Resources applies a disciplined, long-term approach to asset ownership and optimization. Lime Rock Resources has built a strong track record of delivering returns to its investors by leveraging its technical and operational expertise. The firm is part of Lime Rock Management; a private equity investment platform focused on the energy sector. Since inception, Lime Rock Management has raised over $10.0 billion in private equity funds and affiliated co-investment vehicles. For more information, please visit www.limerockresources.com.