Resource Energy’s footprint grows to 6,500 BOEPD gross operated production

Resource Energy Can-Am LLC, a Denver-based oil and gas company that is backed by funds of Apollo Global Management, announced it had closed on the purchase of the North Dakota Bakken formation assets of Samson Resources for a purchase price of approximately $75 million.

The assets were sold pursuant to Section 363 of the United States Bankruptcy Code, with respect to the Samson Resources bankruptcy that was declared in 2015.

“We look forward to bringing our development and operational expertise as well as our financial discipline to the acquired assets,” said Paul Favret, CEO of Resource Energy. “The transaction further expands our operating footprint in the Williston Basin, and is highly complementary to our existing position in the play.”

With the Samson property acquisition, Resource Energy said it has accumulated more than 110,000 net acres in the Williston Basin with proven reserves of approximately 28 MMBOE. Resource Energy closed its first Williston acquisition a year ago when it purchased 112 total wells, 54 operated, with 2,300 barrels of operated oil equivalent per day production. Today Resource Energy has an interest in more than 350 wells (approximately 50% operated), and has current gross operated production of approximately 6,500 BOEPD.

Resource Energy is actively pursuing additional opportunities to expand its footprint in the Bakken play as well as in other Rockies and Texas unconventional oil plays. Resource’s management team is targeting acquisitions from $25MM to $500MM, the company said.

Resource Energy Can-Am Completes Purchase of Samson Resources’ Williston Basin Assets

Source: Resource Energy presentation, EnerCom conference Denver August 2016.

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