LAFAYETTE, La., Sept. 06, 2017 (GLOBE NEWSWIRE) -- White Knight Production I LLC (“WKP”, “White Knight”, the “Company”) today announced the acquisition of certain Marble Falls assets from Newark E&P, LLC primarily located in Jack, Palo Pinto and Parker counties, Texas. The transaction, which closed in June 2017, represents the Company’s third acquisition since 2015.
The assets consist of more than 85,000 predominantly operated, contiguous gross acres in the core of the Marble Falls play. Current production from the Marble Falls assets is approximately 400 barrels of oil, 7.5 million cubic feet of gas and 1,400 natural gas liquid barrels per day.
Post-acquisition, WKP controls over 100,000 acres across its properties in the Fort Worth Basin of Texas and the San Joaquin Basin of California. In aggregate, White Knight currently produces approximately 1,900 barrels of oil, 7.7 million cubic feet of gas and 1,400 natural gas liquid barrels per day from long-lived, low-decline assets which provide consistent cash flows to support low-risk development opportunities, including recompletions, infill drilling, and waterflood enhancement.
White Knight CEO Jerry Wenzel commented, “We are thrilled to extend our footprint in the Fort Worth Basin and become a major player in the Marble Falls play through this acquisition. The assets have significant recompletion and drilling potential with multiple stacked pays to exploit. Additionally, we have identified significant LOE reductions through pumping unit conversions and optimizations, compressor modifications, and other immediate synergies with our existing operations in North Texas – all of which will improve our profitability. The Marble Falls acquisition bolsters our Company’s position in North Texas and better positions WKP to grow organically and through acquisitions.”
White Knight is backed by private equity firm Bayou City Energy Management LLC (“BCE”).
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 Management LLC (“BCE”) is a private equity firm founded in 2015 to focus 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 exploitable upside, and partnering with 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, provides operators access to expertise, capital, and trusted partnership.
Source:White Knight Production LLC