BC Operating Forms Joint Development Agreement with Nadel and Gussman, Combining Acreage and Reserves in the Permian Basin
Midland-based BC Operating, Inc. (BC), an independent energy company
engaged in the exploration, development, and production of oil and
natural gas resources, announced today that it has formed a joint
development agreement with Tulsa-based Nadel and Gussman, LLC, combining
the two companies’ acreage and reserves in southern Eddy and Lea
counties in New Mexico. The combined position consists of an acreage
footprint of approximately 50,000 net acres, and 5,500 barrels of oil
equivalent (BOE) per day of operated production.
BC will assume operatorship of the combined acreage including all
existing wells. The large-scale position has multiple targets in the
Permian Basin including Wolfcamp, Avalon, Delaware and Bone Spring
production. BC expects to run at least one drilling rig in 2016 and will
add more acreage, strengthening the combined position.
“As a Midland-based company, we have more than 30 years of experience in
the Permian Basin. Our legacy in this region gives us a unique
understanding of the operational and geological trends that drive
successful production,” said Mike Black, president of BC Operating. “We
are delighted to partner with Nadel and Gussman, as they also have a
rich history in the area, a talented staff of employees and a deep
knowledge of the resource. We are confident that this strategic
combination of assets is poised for substantial growth.”
“We are excited to be affiliated with the BC Operating team,” said Jim
Adelson, president and managing member of Nadel and Gussman. “Nadel and
Gussman values its relationships with its partners and we are excited
about the opportunity to continue to build the value of this world-class
BC and Nadel and Gussman are both privately-held, multi-generational,
family energy companies. BC is the operating company for and owned
equally by Crump Energy Partners II, LLC (Crump) and Crown Oil Partners
V, LP (Crown), both based in Midland. Crump is supported by an equity
commitment from Quantum Energy Partners; Crown is financially partnered
with Post Oak Energy Capital and Wells Fargo Energy Capital.
Headquartered in Tulsa, Oklahoma, Nadel and Gussman has been in the
energy business since the 1920s. In addition to these joint development
properties, the company owns and operates assets in Oklahoma, Kansas,
Louisiana, Texas and North Dakota.
About BC Operating
Based in Midland, Texas, BC Operating is the operating company for and
owned equally by Crump Energy Partners II, LLC and Crown Oil Partners V,
LP. The company is engaged in the exploration, development, and
production of oil and natural gas resources and has more than 30 years
of experience in the Permian Basin region.
About Quantum Energy Partners
Quantum Energy Partners is a leading provider of private equity capital
to the global energy industry, having managed together with its
affiliates more than $10.5 billion in equity commitments since
inception. For more information on Quantum, please visit www.quantumep.com.
For investor relations, please contact Michael Dalton at (713) 452-2000.
About Post Oak Energy Capital
Post Oak, which was established in 2006, is an energy-focused private
equity firm based in Houston. Its management team has executive
management experience and a broad network in the energy business as well
as significant expertise in private equity investments, operations,
development, finance, acquisitions and divestitures. The firm pursues
private equity investments primarily in the upstream sector of the oil
and gas industry in North America and, to a lesser extent, in oil field
services and related infrastructure. Post Oak works in close partnership
with operating management teams to build businesses, accelerate growth
and enhance shareholder value. Post Oak’s website is www.postoakenergy.com.
About Wells Fargo Energy Capital
Headquartered in Houston, the Wells Fargo Energy Group, which includes
Wells Fargo Energy Capital, is an energy finance leader providing
integrated financial solutions to public and private companies across
the upstream, midstream, downstream, services and power sectors. With
more than 40 years of experience in the energy industry, the Wells Fargo
Energy Group delivers comprehensive debt, equity, advisory, capital
markets and traditional banking solutions to companies of all sizes and
in all stages of development. For more about the Wells Fargo Energy
Group, please visit www.wellsfargo.com/com/industry/energy.
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