Resource Energy Partners LLC, an Apollo Global Management portfolio company, completed its first acquisition with the purchase of 112 oil wells in the Williston Basin. Terms of the deal were not disclosed. The Denver-based firm plans to pursue acquisitions from $25 million to $500 million over the next several years.
DENVER–(BUSINESS WIRE)–Resource Energy Partners LLC (“Resource Energy”) is a recently formed private equity-backed upstream oil and gas production company capitalized by funds affiliated with Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”), a leading global alternative investment manager. Resource Energy was formed to implement an acquisition and exploitation strategy principally focused on the revitalization of existing wellbores as opposed to drilling new wells.
On November 23, 2015, Resource Energy successfully closed its first acquisition by purchasing 112 total wells, 54 operated, with 2,300 barrels of operated oil equivalent per day production in the Williston Basin and is actively pursuing opportunities to expand its footprint in the Bakken play as well as in other Rockies and Texas unconventional oil plays. The company will be pursuing several acquisitions from $25MM to $500MM over the next several years.
About Resource Energy
Resource Energy, led by Paul Favret and Kent Moore is headquartered in Denver, Colorado. The management team has extensive evaluation, acquisition, development and operational experience with expertise in nearly all of the U.S. unconventional basins. The company is dedicated to using state of the art evaluation, drilling, and completion technologies while providing financial discipline to optimize cash flows and value generation in a challenging commodity price environment. Resource Energy’s strong operational, financial and technical track record have enabled our team to create a long standing reputation for conducting operations in a cost effective, safe, and reliable manner. For more information about Resource Energy, please visit www.resource-energy-us.com.
Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, Chicago, Bethesda, Toronto, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong and Shanghai. Apollo had assets under management of approximately $162 billion as of September 30, 2015 in private equity, credit and real estate funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com.