Coral Reef Capital and its portfolio company Shawnee Exploration have acquired Viola Oil & Gas Holdings‘ Illinois Basin assets. No financial terms were disclosed.
New York, NY (November 28 th, 2016) – Coral Reef Capital announced today that its private equity fund CRC Resources Fund II LP, in conjunction with its portfolio company Shawnee Exploration, acquired the Illinois Basin assets of Viola Oil & Gas Holdings, LLC (“Viola” or the “Company”). Financial terms of the transaction were not disclosed.
Richard Marquardt, Chief Executive Officer of Shawnee, commented, “The acquisition of Viola’s assets represents a highly synergistic and accretive add-on for the existing Shawnee platform. With neighboring acreage and production in Southeast Illinois, the add-on is a logical next step to increase our footprint in the basin. The acquisition increases our count of producing wellbores, expands our presence into new producing fields, and increases our pipeline of quality development and drilling opportunities.”
Dean Schaffer, a Managing Director at Coral Reef, commented, “We remain dedicated to building a strong foothold in the region given the underlying economic characteristics of the basin. The combination with Viola’s assets allows Shawnee to become a significant player in the region. In addition, we believe the consolidated company provides opportunities for further field optimization and additional asset acquisitions in the area.”
Porter Hedges LLP served as legal counsel to Coral Reef.