DALLAS, Nov. 22, 2016 /PRNewswire/ — Endurance Resources, an oil and gas production company focused on the Delaware Basin, today announces that it has entered into separate definitive sale agreements to sell the majority of its assets, held in two separate entities, to two separate buyers. Both transactions are expected to close by January 2017.
These agreements allow both Endurance and funds managed by Lime Rock Partners, the investment partner to both Endurance entities, to realize value created in the acquisition and development of Endurance’s assets in Lea and Eddy Counties, New Mexico and Reeves County, Texas.
Don Ritter, CEO of Endurance, said, “The buyers of both assets own complementary assets to the ones we have agreed to sell. Over the last four years, we took many of these assets from a raw acreage position, assembled them for long lateral opportunities, drilled nearly three dozen wells using advanced drilling and completion techniques, and converted the positions to held-by-production status. This leaves both positions de-risked, and the opportunity for the buyers to add production, drill longer laterals, and achieve economies of scale.”
J McLane, Managing Director of Lime Rock Partners, added, “Since we started working with Don, Garrett Smith, Manny Sirgo, Randall Harris, and the rest of the Endurance team in 2012, we have been impressed by their technical expertise, innovative drilling and completion strategies, and ability to quickly analyze and secure new Delaware assets through a variety of means. We are grateful to be their partners in two separate entities, and we sincerely thank the entire Endurance team for their relentless work on behalf of our investors.”
RBC Richardson Barr and Thompson & Knight, LLP acted as advisors to Endurance Resources.
For more information on Endurance, please visit www.enduranceresourcesllc.com.
For more information on Lime Rock Partners, please visit www.lrpartners.com.