Asset A&D

HomeBound Resources Acquires Midland Basin Assets

By Isha Makkar
August 11, 2020
a minute read
Pumpjack Texas

Texas-based E&P company HomeBound Resources LLC has entered into an agreement to acquire certain Midland basin assets for a total consideration of US$4.4 million. The seller of the properties has not been disclosed.

The acquired assets include 106 acres of Proven Undeveloped Reserves (PUDs) located across Martin, Reagan, Lea, Glasscock, and Midland Counties in Texas. The assets contain 55 drilled wells and approximately 50 locations at varying depths.

HomeBound is a privately-held company engaged in upstream oil & gas activities in the United States, with a primary focus on operations in Texas, Louisiana, New Mexico, and Oklahoma. The assets were acquired on behalf of an energy-focused investment fund, sponsored by HomeBound and managed by private equity firm Resolute Capital Partners Ltd., that invests in productive regions with known oil & gas fields that are too complex for small companies, and not large enough for many public companies.

“At HomeBound, we understand that energy price fluctuations are inevitable and try to price these events into our acquisitions. As an opportunistic investor, we seek opportunities from distressed sellers, not distressed assets. Our value-investing strategy helps position us in a manner that can withstand volatility,” said Stefan Toth, CEO of HomeBound.

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