DENVER–(BUSINESS WIRE)–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.