AUSTIN,
Texas, Dec. 17, 2024 /PRNewswire/ -- Affiliates
of Brigham Exploration ("BEXP"), a leading non-operated oil
& gas company, announced today the acquisition of Great Western
Drilling Ltd.'s ("GWDC") non-operated assets in Texas and New
Mexico. The combination of the acquired assets and BEXP's
existing portfolio creates one of the largest private non-operated
footprints in the Permian Basin.
Acquisition Highlights
- Over 7,000 net acres in the Delaware and Midland Basin, located primarily in Eddy and
Lea Counties, New Mexico, and
Martin, Midland, Loving, and Winkler Counties,
Texas
- August 2024 net production of
~2,700 boe/d from ~29 net producing wells
- Pro forma balance sheet is expected to remain strong with a
leverage ratio below 1.0x
- The acquisition closed on November 22,
2024 with an effective date of April
1, 2024
Combined Asset Position
The acquisition is consistent with BEXP's strategic focus on
core, high-quality properties with low geologic risk in the Permian
Basin. Pro forma for the acquisition, BEXP's average net daily
wellhead production is estimated to be ~15,500 boe/d in
August 2024 from a combined ~79 net
producing wells, including assets from both of BEXP's private
funds.
Management Comments
"This acquisition marks a significant milestone in BEXP's growth
strategy," said Bud Brigham, BEXP's
Executive Chairman. "We believe this differentiated asset
that was built over generations complements our existing asset base
and enhances our Delaware and
Midland Basin positions, which are
diversified geographically and geologically across experienced
operators in the Permian." Keith
Lilie, President & CEO, commented, "This acquisition
aligns with BEXP's overall portfolio strategy and meets the
stringent criteria of our disciplined approach to evaluating
acquisition opportunities."
BEXP funded the acquisition with existing equity commitments, a
new credit facility led by BOK Financial, and existing cash on
hand.
Advisors
Vinson & Elkins LLP served as legal counsel to BEXP.
Redfield Energy Advisors served as financial advisor and Lynch,
Chappell & Alsup served as legal counsel to GWDC.
About BEXP
BEXP is a premier non-operated oil & gas acquisition and
management company focused on assets in the Permian Basin of
Texas and New Mexico. BEXP was founded in 2017 by its
General Partner, Bud Brigham. Mr.
Brigham has significant experience in the oil and gas industry,
having founded seven companies since 1990.
For more information, please see brighamexploration.com or
IR@bexp.com.
About The Brigham Platform
The Brigham Platform is an independent platform of oil and gas
companies based in Austin, Texas
led by Bud Brigham. With over 30
years of industry experience, Bud
Brigham has founded and successfully grown multiple energy
enterprises, including three of which have successfully IPO'd and
three of which have had successful exits totaling over $9 billion. The Brigham Platform currently
consists of four enterprises, each with a dedicated management team
and a unique strategy, collectively aiming to capitalize on the
long-term prospects for traditional energy sources while
prioritizing innovation, capital discipline, and operational
efficiency. Among its enterprises are Atlas Energy Solutions
(NYSE:AESI), BEXP (non-operated oil & gas), Brigham Royalties
(minerals & royalties), and Langford Energy Partners (operated
oil & gas).
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SOURCE Brigham Exploration