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OneRock Energy Acquires 160,000 Acres in the Powder River Basin
08/31/2023
OneRock acquired Northwoods Management’s assets in Wyoming's Powder River Basin, average production of approximately 5,000 barrels of oil equivalent per day.
In an August 21 press release, OneRock Energy Holdings LLC announced the successful completion of its acquisition of Northwoods Management Co. and related entities in Wyoming's Powder River Basin. The acquired assets, which average around 5,000 barrels of oil equivalent per day, cover 160,000 net acres mainly in Converse, Campbell, and Johnson counties.
OneRock, an investment subsidiary of Pan Management, initially publicized the deal in June. Northwoods had expanded its Powder River Basin holdings by over 112,000 acres through a $500 million purchase from SM Energy Co. in 2018, with financial backing from Apollo.
Who is Pan Management?
Founded in 2013 and headquartered in Houston, Texas, Pan Management is a leading energy investment firm. Specializing in natural gas trading, upstream oil and gas investment, and midstream oil and gas investment, the firm brings decades of combined industry experience to the table. Currently, it oversees a substantial portfolio with more than $2 billion in assets under management.
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Western Expands Powder River Footprint with $885M Acquisition
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Western Midstream will acquire Meritage Midstream's Powder River Basin assets, including gas gathering and an NGL pipeline, for $885 million in cash. A subsidiary of Western Midstream Partners LP is set to acquire Meritage Midstream Services II LLC in an $885 million all-cash transaction, marking a significant expansion in the Powder River Basin for the company.
WhiteHawk Energy Secures $100M Finance Facility for Core Natural Gas Asset Acquisition
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WhiteHawk Energy LLC completed its second Haynesville Shale mineral and royalty acquisition of the year, spanning northwestern Louisiana and eastern Texas. WhiteHawk also secured a $100 million acquisition finance facility from an undisclosed "top tier institution." The company will utilize $20 million from this facility to fund the Haynesville purchase from Mesa Minerals Partners II LLC
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Rangeland Energy has agreed to sell Rangeland Midstream Canada to Kingston Midstream Alberta and remains committed to future Canadian midstream investments. Texas-based Rangeland Energy, supported by financial partner EnCap Flatrock Midstream, has inked a deal to sell its Canadian subsidiary, Rangeland Midstream Canada Ltd., to Calgary's Kingston Midstream Alberta Ltd. for cash.
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The merger between ONEOK and Magellan received approval from Magellan shareholders, securing just 55% of the total votes at Magellan’s meeting on Sept. 21. ONEOK Inc. has successfully concluded the acquisition of Magellan Midstream Partners LP on Sept. 25. The deal will bring together their respective assets and expertise, resulting in a powerful entity boasting an extensive network of approximately 25,000 miles of pipelines primarily focused on transporting liquids.
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Viper Energy's deal, comprised of cash and equity, secures an additional 2,800 net royalty acres in the Midland Basin and 1,800 in the Delaware Basin. Viper Energy Partners LP, a Diamondback Energy Inc. subsidiary, has inked a deal to acquire mineral and royalty interests in the Permian Basin. The deal, valued at around $1 billion, is with Warwick Capital Partners and GRP Energy Capital. Viper was established by Diamondback with the purpose of owning, purchasing, and capitalizing on oil and natural gas assets in North America, specifically targeting mineral and royalty interests.