LAFAYETTE, La., May 23, 2017 (GLOBE NEWSWIRE) -- White Knight Production I, LLC (“WKP”, “White Knight”, the “Company”) today announced the prior closing of its combination with TXON-SCZ, LLC (“TXON-SCZ”), bringing together the assets of the two private, independent oil and gas portfolio companies of private equity firm Bayou City Energy (“BCE”).
After giving effect to the combination, WKP controls in excess of 30,000 held-by-production net acres divided between the Fort Worth Basin of Texas and the San Joaquin Basin of California. The Company currently produces over 1,500 gross barrels of oil per day from long-lived, low-decline assets which provide a solid cash flow base supporting low-risk development opportunities, including recompletions, infill drilling, and waterflood enhancement.
White Knight CEO Jerry Wenzel commented, “We are excited to take this meaningful step in our Company’s evolving growth. In addition to the benefits of added scale, the combination with TXON-SCZ provides a significant operating footprint in Texas that will function as a hub for additional synergistic expansion in the region. We appreciate BCE’s continued support of our team as we look forward to furthering our growth both organically and through acquisitions.”
BCE Managing Partner William McMullen stated, “We are thrilled to be able to combine the WKP team’s proven, diligent approach to asset improvement with this expanded multi-basin asset platform. We have been impressed and encouraged by the strong results achieved by the team in California and look forward to what they can achieve in conjunction with this extension into another historically prolific hydrocarbon region.”
About White Knight Production I, LLC
White Knight Production I, LLC is a private, independent oil and gas company with an operational strategy to extend field development through drilling, workovers and enhanced field operating efficiency. White Knight’s strategic focus is onshore conventional oil and gas. White Knight is committed to safe operations, utilizing the most efficient and effective operational processes, while meeting and exceeding government regulatory requirements. White Knight will continue to make quality acquisitions and further develop producing properties primarily in Texas, California and Louisiana.
About Bayou City Energy
Bayou City Energy is a private equity firm focused on making investments in the North American upstream oil and gas sector. BCE targets privately negotiated investments through two complementary strategies: providing buyout and growth equity capital for operators with current production and identified upside, and partnering with leading operators to provide dedicated drilling capital in off-balance sheet structures. The BCE team, combined with the Firm's Advisory Board and strategic relationship with Argus Energy Managers, provide operators access to expertise, capital, and trusted partnership.
Source:White Knight Production LLC