Resource Energy Can-Am LLC Completes Purchase of Samson Resources’ Williston Basin Assets
Resource Energy Can-Am LLC (“Resource Energy”) announced today that it
has closed on its previously announced agreement to acquire assets in
the North Dakota Bakken Formation from Samson Resources Company. The
purchase price was approximately $75.0 million (subject to customary
adjustments). The assets were sold pursuant to Section 363 of the United
States Bankruptcy Code.
Paul Favret, President and CEO of Resource Energy, stated, “We are
excited to have closed the Samson transaction, and we look forward to
bringing our development and operational expertise as well as our
financial discipline to the acquired assets. The transaction further
expands our operating footprint in the Williston Basin, and is highly
complementary to our existing position in the play.”
With the acquisition, Resource Energy has now accumulated over 110,000
net acres in the Williston Basin and has proven reserves of
approximately 28 MMBOE. Resource Energy has an interest in more than 350
wells (approximately 50% operated), and has current gross operated
production of approximately 6,500 BOE per day.
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 expertise with experience in
nearly all U.S. unconventional basins. Resource Energy 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. The Resource
Energy team enjoys a long-standing reputation for conducting operations
in a cost effective, safe, and reliable manner. Resource Energy is
backed by funds advised by Apollo Global Management, LLC (the “Apollo
Funds”). The Apollo Funds are 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. The Apollo Funds have assets under
management of approximately $189 billion as of September 30, 2016 in
private equity, credit and real estate funds invested across a core
group of nine industries where the Apollo Funds have considerable
knowledge and resources.
For more information about Resource Energy, please visit www.resource-energy-us.com
For more information about the Apollo Funds, please visit www.agm.com
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Copyright Business Wire 2016
Source: Business Wire
(November 7, 2016 - 6:00 AM EST)
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