HOUSTON, September 28, 2021--(BUSINESS WIRE)--Crescent Pass Energy, LLC (Crescent Pass) announced today that it has closed on the acquisition of producing assets in the northern area of the Eagle Ford play from Tulsa based Armor Energy LLC, as well as three bolt-on acquisitions in the Cotton Valley trend in East Texas. These transactions increase the corporate footprint to 974 operated wells and net production to approximately 6,400 barrels of oil equivalent per day (BOEPD), 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. "This transaction reinforces our asset-focused strategy which, along with our conservative approach to leverage and hedging, allows us to remain flexible and execute on our broader strategic growth objectives."
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."
About Crescent Pass
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. This systematic approach generates superior returns through immediate free cash flow generation, low declines and operational synergies across our diversified asset base. For more information, please visit our website www.crescentpass.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210928005936/en/
Redbird Communications Group