News Summary
Pine Wave Energy Partners, LLC has completed the sale of its East Texas assets to Rockcliff Energy III LLC through PWEP Shelby Trough, LLC. The deal includes ownership interests in 25 operated wells and controlling interest in natural gas gathering pipelines, showcasing Pine Wave’s strong market position. Following the sale, the company is expanding its operations in the Haynesville Shale, pursuing further growth in the energy sector. This transaction reflects energy market dynamics and Pine Wave’s strategic vision since its founding.
Texas – Pine Wave Energy Partners, LLC has completed the sale of its East Texas assets to Rockcliff Energy III LLC, a significant deal that represents another successful asset monetization for Pine Wave. The transaction was executed through Pine Wave’s wholly owned subsidiary, PWEP Shelby Trough, LLC. Financial details of the sale were not disclosed, but the assets involved are of substantial value to both parties.
The sale includes assets located in San Augustine and Shelby Counties, Texas, which encompass ownership interests in 25 operated wells. Collectively, these assets cover approximately 29,000 net acres and produce about 100 million cubic feet per day (MMcf/d) of net production. Furthermore, the deal also provides Rockcliff Energy III with a controlling interest in specific natural gas gathering pipelines situated in San Augustine County.
This marks Pine Wave’s second successful asset monetization in the last three and a half years, following a previous transaction in 2022 with Silver Hill Energy Partners. Following the sale, Pine Wave is poised to pursue a new platform and has already acquired over 10,000 net acres in the Haynesville Shale, indicative of the company’s continued growth and strategic direction.
The CEO of Pine Wave Energy Partners stated that the transaction is a testament to their ability to develop high-quality assets in complex operating environments. Meanwhile, the CEO of Rockcliff Energy III indicated that the acquisition is pivotal for their company, providing a significant production base and an expanded footprint in one of the most prolific natural gas basins in the United States.
Jefferies LLC served as the exclusive financial advisor to Pine Wave for this transaction, while Akin Gump Strauss Hauer & Feld LLP represented Pine Wave legally. On the other hand, legal counsel for Rockcliff was provided by Kirkland & Ellis LLP.
Pine Wave Energy Partners was founded in 2018 by Ben Hunter, Ben Voigt, and Stephen O’Neal and is headquartered in Fort Worth, Texas. It operates as a portfolio company of Old Ironsides Energy, LLC, which specializes in creating partnerships with management teams for upstream and midstream energy investments across North America.
Rockcliff Energy III, the acquiring entity, is backed by Quantum Capital Group and is focused on oil and natural gas management. The company aims to enhance its position in the industry through strategic acquisitions like the one involving Pine Wave’s assets.
This recent transaction underscores the ongoing activity and investment in the oil and natural gas sectors in Texas. As companies seek to optimize their operations and expand their market presence, deals such as this one highlight the competitive landscape and the dynamics of the energy market.
As Pine Wave moves forward with its new acquisitions and Rockcliff Energy III leverages its expanded resource base, the Texas energy sector continues to evolve, promising future developments and opportunities for growth and investment in the region.
Deeper Dive: News & Info About This Topic
- Business Wire: Pine Wave Energy Partners Sells East Texas Assets
- Fort Worth Inc: Pine Wave Energy Partners Sells East Texas
- P&GJ: Pine Wave Energy Partners to Sell Haynesville Acreage
- Google Search: Pine Wave Energy Partners
- Encyclopedia Britannica: Pine Wave Energy Partners
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