Presidio Acquires Templar Energy's Western Anadarko Assets
Fort Worth-based Presidio Investment Holdings LLC has acquired certain Western Anadarko basin assets in Oklahoma and Texas from privately-held Templar Energy LLC and affiliates pursuant to a bankruptcy sale process. The financial terms of the transaction have not been disclosed.
In June this year, Templar Energy and various affiliates had filed voluntary petitions under Chapter 11 of the bankruptcy code in the U.S. Bankruptcy Court in the District of Delaware, with the aim of disposing of all of their assets through a court-supervised process.
Presidio is backed by an equity investment from Morgan Stanley Energy Partners, and is currently focused on operations in the western Anadarko Basin of Oklahoma, Texas, and Kansas. In July last year, the company had also acquired all of Apache Corp.’s producing assets in the Anadarko basin.
The acquired assets comprise of approximately 273,400 net acres located across Oklahoma and Texas, and include working interests in 2,165 wells (including 1,235 operated wells), with proven reserves of approximately 50.67 million barrels of oil equivalent (MMboe) as of March 31st, 2020. The acreage is 75%-held by production, and targets multiple stacked drilling targets in the Western Anadarko, Canyon Resources, and Northeast STACK plays. The assets produced an average of approximately 18,000 barrels of oil equivalent per day (boe/d) during May.
“This acquisition is a logical extension of the asset optimization strategy we established upon founding Presidio, and we are excited to apply the knowledge gained from our previous two acquisitions in the Basin and decades of operational experience to unlock value responsibly from the Templar assets,” said Chris Hammack, Co-founder & Co-CEO of Presidio Petroleum.