PE Deals

Lodestar Energy buys oil and gas assets from Hibernia Resources III

Hibernia is a portfolio company of NGP.

-
  • The acquired assets will be operated by BCP Resources
  • AggieTech Capital and Masked Rider Capital anchored the equity placement and the debt facility was provided by Community National Bank
  • Lodestone is focused on acquiring and developing Permian Basin conventional oil and gas assets

Lodestone Energy has acquired oil and gas assets from Hibernia Resources III. No financial terms were disclosed.

The acquired assets will be operated by BCP Resources.

Hibernia is a portfolio company of NGP.

“The Hibernia assets are an excellent fit with our strategic objective to expand our footprint of operated conventional assets in the Permian Basin,” stated Barry Portman, Lodestone’s Managing Partner and BCP Resources CEO, in a statement. “We’re privileged that Hibernia has placed their trust in us and we’re thrilled to continue the high-quality operation and expansion of these assets alongside Hibernia as they continue their growth strategy as a leading oil producer in the Midland Basin.”

The acquisition was funded by partners local to West Texas, combining private equity placement with a senior energy debt facility. AggieTech Capital and Masked Rider Capital anchored the equity placement and the debt facility was provided by Community National Bank.

Red Oaks Energy Advisors represented Hibernia’s sale of the assets. Field, Manning, Stone, Hawthorne & Aycock, P.C. and Nixon Legal Group PLLC represented Lodestone Energy and BCP Resources and Mani Little & Wortmann, PLLC served as legal counsel to Hibernia.

Lodestone is focused on acquiring and developing Permian Basin conventional oil and gas assets.

AggieTech Energy Services was founded 2008.

Masked Rider Capital LLC is a multi-family office founded in 2012 focused on acquiring and investing in private companies. Masked Rider Capital serves lower and middle market businesses in West Texas communities. MRC is headquartered in Lubbock, Texas.

Hibernia is an acquisition and development company focused on the exploration, growth and production of oil and natural gas assets. It is a portfolio company of NGP.