Resource Energy Partners LLC (“Resource Energy”) is a recently
formed private equity-backed upstream oil and gas production company
capitalized by funds affiliated with Apollo Global Management, LLC
(NYSE: APO) (together with its consolidated subsidiaries, “Apollo”), a
leading global alternative investment manager. Resource Energy was
formed to implement an acquisition and exploitation strategy principally
focused on the revitalization of existing wellbores as opposed to
drilling new wells.
On November 23, 2015, Resource Energy successfully closed its first
acquisition by purchasing 112 total wells, 54 operated, with 2,300
barrels of operated oil equivalent per day production in the Williston
Basin and is actively pursuing opportunities to expand its footprint in
the Bakken play as well as in other Rockies and Texas unconventional oil
plays. The company will be pursuing several acquisitions from $25MM to
$500MM over the next several years.
About Resource Energy
Resource Energy, led by Paul Favret and Kent Moore is headquartered in
Denver, Colorado. The management team has extensive evaluation,
acquisition, development and operational experience with expertise in
nearly all of the U.S. unconventional basins. The company is dedicated
to using state of the art evaluation, drilling, and completion
technologies while providing financial discipline to optimize cash flows
and value generation in a challenging commodity price environment.
Resource Energy’s strong operational, financial and technical track
record have enabled our team to create a long standing reputation for
conducting operations in a cost effective, safe, and reliable manner.
For more information about Resource Energy, please visit www.resource-energy-us.com.
Apollo is a leading global alternative investment manager with offices
in New York, Los Angeles, Houston, Chicago, Bethesda, Toronto, London,
Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong and
Shanghai. Apollo had assets under management of approximately $162
billion as of September 30, 2015 in private equity, credit and real
estate funds invested across a core group of nine industries where
Apollo has considerable knowledge and resources. For more information
about Apollo, please visit www.agm.com.
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Copyright Business Wire 2016
Source: Business Wire
(February 3, 2016 - 8:00 AM EST)
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