Krewe Energy, which was formed by Sage Road Capital, said Wednesday that it has closed its buy of S2 Energy. No financial terms were disclosed; however, Sage Road Capital and Krewe Energy founders Tom De Brock and Barry Salsbury provided the financing for the acquisition. S2 Energy is an oil and gas company in Covington, Louisiana.
COVINGTON, La.–(EON: Enhanced Online News)–Krewe Energy, LLC, (“Krewe Energy” or the “Company”) a privately held oil and gas company based in Covington, Louisiana, announced today that it has completed the acquisition of all of the assets of S2 Energy, LLC. The acquired assets are all located in South Louisiana and consist of 51 wells and associated production facilities across 10 fields in onshore, inland marsh and state water locations. In addition to current production, the assets contain an inventory of well recompletions, new drill prospects and a field reactivation opportunity.
Krewe Energy was formed by Houston, Texas-based Sage Road Capital together with Krewe Energy’s founders, Tom De Brock and Barry Salsbury. Krewe Energy will engage in the acquisition, exploitation and development of oil and gas assets, with a specific focus on conventional production opportunities in South Louisiana. Sage Road Capital, Mr. De Brock and Mr. Salsbury jointly provided the equity capital to finance the S2 Energy acquisition. Sage Road Capital has made an additional capital commitment to the Company to support the further development of the acquired assets and the acquisition of complementary oil and gas fields.
Having successfully worked together since 2009, Salsbury and De Brock will lead the management of Krewe Energy as the Managing Partners and will continue to capitalize on their expertise in acquiring and developing mature oil and gas assets in South Louisiana.
Mr. Salsbury stated, “We will use our substantial knowledge and experience operating in South Louisiana to identify and acquire legacy oil and gas assets and to unlock the significant remaining potential of these fields. Our ability to operate efficiently, coupled with the application of new technology, provide a unique advantage in our ongoing exploitation and development efforts in this prolific trend. With the financial and strategic support of Sage Road Capital, we look forward to building a leading oil and gas company in South Louisiana.”
Ben Stamets, Managing Partner at Sage Road Capital, commented, “Having known Barry Salsbury and Tom De Brock for several years, Sage Road is pleased to partner with them in the formation of Krewe Energy. This team brings decades of experience maximizing the value of oil and gas assets across South Louisiana. We believe there is a significant opportunity in the ongoing development of Krewe Energy’s asset base and the continued growth of the Company through acquisitions. Management’s experience and network is uniquely positioned to capitalize on this opportunity.”
About Sage Road Capital
Sage Road Capital a private investment firm focused on pursuing opportunities in the North American oil and gas sector. Sage Road seeks to partner with management teams and provide acquisition, development or growth capital to companies engaged in the lower middle market upstream segment, as well as to select midstream transactions. For more information on Sage Road, please visit www.sageroadcapital.com.