Private equity firm First Reserve is selling approximately 23,000 net Eagle Ford acres held by Texas American Resources to an affiliate of Venado Oil & Gas LLC.
Texas American Resources Company has focused on operating and exploiting multiple formations including the Austin Chalk, Eagle Ford, Buda, San Miguel and Olmos.
Concurrent with the closing of First Reserve’s original investment, Texas American acquired an initial leasehold position in the black oil window of the Eagle Ford trend in Atascosa County, Texas, covering ~12,000 acres. Additional acreage is in Dimmit, Frio, La Salle, and Zavala Counties.
In March, Venado and KKR closed on the acquisition of the operated and non-operated Eagle Ford assets of Cabot Oil & Gas Corporation (NYSE: COG) for a purchase price of $765. The interests included approximately 303 gross/203 net wells and 74,400 net acres situated primarily in the Eagle Ford oil window of South Texas (Atascosa, Frio, and LaSalle counties). During the fourth quarter of 2017, the assets produced 15,656 net barrels of oil equivalent per day (85% oil, 5% natural gas and 10% NGLs).
