EnCap

Energy Capital Partners Acquires Triple Oak Power from EnCap Investments L.P.

Retrieved on: 
Tuesday, January 9, 2024

Energy Capital Partners (“ECP") today announced that it has acquired Triple Oak Power ("Triple Oak") from EnCap Energy Transition Fund I (“EnCap") and its co-investors, Yorktown Partners and Mercuria Energy.

Key Points: 
  • Energy Capital Partners (“ECP") today announced that it has acquired Triple Oak Power ("Triple Oak") from EnCap Energy Transition Fund I (“EnCap") and its co-investors, Yorktown Partners and Mercuria Energy.
  • "ECP is excited to work with Triple Oak Power to execute our shared mission of delivering cost-effective, clean energy to consumers," said Schuyler Coppedge, Partner at ECP.
  • "We are proud of the platform that the Triple Oak team has created alongside our partner, EnCap, and we are thrilled to partner with ECP in the next chapter of growth for Triple Oak Power," said Jesse Gronner, CEO of Triple Oak.
  • Marathon Capital acted as the exclusive financial advisor to EnCap and Triple Oak on the transaction, and Sidley Austin LLP served as legal counsel to EnCap and Triple Oak.

1979 Royalties, LP Announces Northern Midland Basin Minerals & Royalty Acquisition From Peacemaker Royalties, LP for $61 Million

Retrieved on: 
Thursday, September 28, 2023

1979 Royalties, LP (“1979 Royalties”) a subsidiary of Endeavor Energy Resources (“Endeavor”), today announced it has closed the acquisition of oil & gas mineral and royalty interests from Peacemaker Royalties, LP (“Peacemaker”), a portfolio company of EnCap Investments, LP (“EnCap”), in the Midland Basin, West Texas for $61 million in cash.

Key Points: 
  • 1979 Royalties, LP (“1979 Royalties”) a subsidiary of Endeavor Energy Resources (“Endeavor”), today announced it has closed the acquisition of oil & gas mineral and royalty interests from Peacemaker Royalties, LP (“Peacemaker”), a portfolio company of EnCap Investments, LP (“EnCap”), in the Midland Basin, West Texas for $61 million in cash.
  • The divested properties cover approximately 5,000 Net Royalty Acres (normalized to 1/8th royalty) (“NRA”) in Martin and Dawson Counties and are primarily operated by Endeavor and Ovintiv Inc., which recently completed its $4.275 billion acquisition of multiple Midland Basin operators including Peacemaker’s affiliated operating company PetroLegacy Energy II.
  • Vinson & Elkins served as legal advisor to 1979 Royalties.
  • Detring Energy Advisors served as exclusive marketing advisor to Peacemaker, and Davis, Gerald & Cremer served as its legal advisor.

ENGIE accelerates in battery storage through the acquisition of Broad Reach Power in the United States

Retrieved on: 
Thursday, August 24, 2023

France, Aug. 24, 2023 (GLOBE NEWSWIRE) -- ENGIE announces it has signed  a binding agreement for the acquisition of 100% of Broad Reach Power, a company specialized in battery storage and based in Houston, from private equity funds EnCap and Apollo.

Key Points: 
  • France, Aug. 24, 2023 (GLOBE NEWSWIRE) -- ENGIE announces it has signed  a binding agreement for the acquisition of 100% of Broad Reach Power, a company specialized in battery storage and based in Houston, from private equity funds EnCap and Apollo.
  • The projects are located in Texas, California and the central states of the United States.
  • Broad Reach Power skills, tools and teams are the perfect fit, in and outside the United States, with ENGIE’s integrated model.
  • The acquisition will support the Group's goal of having 10 GW of battery capacity globally by 2030.

Broad Reach Power Acquired by ENGIE from EnCap Energy Transition and Apollo Funds

Retrieved on: 
Thursday, August 24, 2023

EnCap Energy Transition today announced that French multinational utility company ENGIE has agreed to acquire the battery storage business of Houston-based Broad Reach Power from EnCap Energy Transition Fund I, its co-investment partners Yorktown Partners , Mercuria Energy and Apollo Infrastructure Funds (the “Apollo Funds”) for a total equity value in excess of $1 billion.

Key Points: 
  • EnCap Energy Transition today announced that French multinational utility company ENGIE has agreed to acquire the battery storage business of Houston-based Broad Reach Power from EnCap Energy Transition Fund I, its co-investment partners Yorktown Partners , Mercuria Energy and Apollo Infrastructure Funds (the “Apollo Funds”) for a total equity value in excess of $1 billion.
  • Since Broad Reach was founded in 2019 with backing from EnCap Energy Transition, it has become a leading U.S. developer and operator of renewable energy and energy storage power projects in Texas, California and other markets.
  • Apollo Funds acquired a 50% stake in the company and joined the Board in December 2021.
  • Together with EnCap and the Broad Reach Power management team, we’ve built what we believe is the leading and most innovative battery storage IPP in North America.

NOG Closes Novo Acquisition

Retrieved on: 
Tuesday, August 15, 2023

Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG”) closed its previously announced acquisition of Northern Delaware Basin assets from Novo Oil & Gas Holdings, LLC, an EnCap portfolio company (“Novo”), on August 15, 2023.

Key Points: 
  • Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG”) closed its previously announced acquisition of Northern Delaware Basin assets from Novo Oil & Gas Holdings, LLC, an EnCap portfolio company (“Novo”), on August 15, 2023.
  • NOG jointly acquired the assets with Earthstone Energy, Inc. (“Earthstone”), which will become the operator of substantially all the assets.
  • In connection with the transaction, NOG and Earthstone entered into cooperation and joint operating agreements, which include a multi-year development plan for the Novo assets.
  • At closing, NOG paid $468.4 million in cash, funded in part by a $37.5 million deposit paid at signing in June 2023.

NOG Announces Closing of Forge Delaware Basin Acquisition

Retrieved on: 
Friday, June 30, 2023

Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG”) closed its previously announced acquisition of Delaware Basin assets from Forge Energy II Delaware, LLC, an EnCap portfolio company (“Forge”), on June 30, 2023.

Key Points: 
  • Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG”) closed its previously announced acquisition of Delaware Basin assets from Forge Energy II Delaware, LLC, an EnCap portfolio company (“Forge”), on June 30, 2023.
  • NOG jointly acquired the assets with Vital Energy, Inc. (“Vital”), which will become the operator of the assets.
  • In connection with the transaction, NOG and Vital entered into cooperation and joint operating agreements, which include a multi-year development plan for the Forge assets.
  • The closing settlement is net of preliminary and customary purchase price adjustments and remains subject to post-closing settlements between the parties.

Earthstone Energy Announces $1.0 Billion Delaware Basin Acquisition

Retrieved on: 
Thursday, June 15, 2023

In conjunction with the Novo Acquisition, Earthstone has secured $250 million of incremental commitments from existing lenders.

Key Points: 
  • In conjunction with the Novo Acquisition, Earthstone has secured $250 million of incremental commitments from existing lenders.
  • In 2022, we materially advanced our consolidation strategy, closing three accretive acquisitions totaling ~$2.0 billion, including two significant northern Delaware Basin asset acquisitions.
  • I am pleased that we are continuing to further our consolidation strategy with today’s announcement of the Novo Acquisition as we further build our northern Delaware Basin asset base.
  • The net result will be Earthstone having four rigs operating in the Delaware Basin and one in the Midland Basin post-closing.

NOG Announces Joint Acquisition of Northern Delaware Basin Permian Assets

Retrieved on: 
Thursday, June 15, 2023

NOG’s net working interest in the Acquired Assets will be approximately 29%, with an average gross NRI of 77%.

Key Points: 
  • NOG’s net working interest in the Acquired Assets will be approximately 29%, with an average gross NRI of 77%.
  • The Eddy County assets represent approximately 80% of the allocated value of the transaction.
  • Upon closing and transition of services, the operator of substantially all the assets will be Earthstone, with NOG participating in development pursuant to cooperation and joint operating agreements entered into in connection with the acquisition.
  • Additionally, Earthstone and NOG have formed an area of mutual interest for further consolidation of assets.

Parliament Solar, an EnCap and Mercuria Portfolio Company, Selects Ideematec to Supply its Tracking System for Parliament’s 640MW Texas Solar Project

Retrieved on: 
Tuesday, June 13, 2023

Ideematec Inc. , a leading provider of utility-scale solar tracking systems, today announced its agreement with Parliament Solar, LLC (“Parliament Solar”), the initial asset for Parliament Energy Holdings LLC (“Parliament Energy”), to deliver 640 megawatts (MW) of Ideematec’s Horizon L:TEC® 1P solar tracking system in Texas.

Key Points: 
  • Ideematec Inc. , a leading provider of utility-scale solar tracking systems, today announced its agreement with Parliament Solar, LLC (“Parliament Solar”), the initial asset for Parliament Energy Holdings LLC (“Parliament Energy”), to deliver 640 megawatts (MW) of Ideematec’s Horizon L:TEC® 1P solar tracking system in Texas.
  • Parliament Solar is a portfolio company of EnCap Investments L.P. (“EnCap”) and Mercuria Energy (“Mercuria”).
  • Ideematec’s Horizon L:TEC® 1P is a market-leading solar tracking system designed to maximize the efficiency of large-scale solar systems.
  • We congratulate our North American team, Ideematec Inc., on their successful partnership with Parliament Solar and their overall expansion into the Texas market.”

Vital Energy Expands Permian Footprint with Delaware Basin Acquisition

Retrieved on: 
Friday, May 12, 2023

TULSA, OK, May 12, 2023 (GLOBE NEWSWIRE) -- Vital Energy, Inc. (NYSE: VTLE) ("Vital Energy" or the "Company") today announced the signing of a definitive joint purchase and sale agreement to acquire the assets of Forge Energy II Delaware, LLC ("Forge"), an EnCap portfolio company, further expanding the Company’s Permian Basin focus and establishing a core operating position in the Delaware Basin.

Key Points: 
  • TULSA, OK, May 12, 2023 (GLOBE NEWSWIRE) -- Vital Energy, Inc. (NYSE: VTLE) ("Vital Energy" or the "Company") today announced the signing of a definitive joint purchase and sale agreement to acquire the assets of Forge Energy II Delaware, LLC ("Forge"), an EnCap portfolio company, further expanding the Company’s Permian Basin focus and establishing a core operating position in the Delaware Basin.
  • Vital Energy plans to fund the acquisition through the use of its credit facility.
  • "This accretive acquisition is attractively priced and significantly expands Vital Energy’s Permian focus, adding a core operating area in the Delaware Basin," stated Jason Pigott, President and Chief Executive Officer.
  • Expands Permian Basin focus: Transaction will expand Vital Energy’s Permian Basin leasehold to ~198,000 net acres and establish core operating positions in Pecos, Reeves and Ward counties.