COVINGTON, La., Oct. 31, 2017 (GLOBE NEWSWIRE) — Krewe Energy, LLC, (“Krewe Energy” or the “Company”) a privately held oil and gas company based in Covington, Louisiana, announced today that it recently completed the acquisition of the Pine Prairie Field located in Evangeline Parish, Louisiana through its ongoing financial partnership with its two well-respected and experienced financial sponsors, Coral Reef Capital and Sage Road Capital.
Executing on its strategy to diversify onshore, this acquisition brings in an additional 155 wells and 2,685 acres producing approximately 1,250 barrels of oil equivalent per day. This onshore acquisition increases Krewe’s total leasehold position to more than 19,000 acres and 475 wells.
The Pine Prairie Field is a vintage onshore Louisiana oil and gas field that is characterized by a large piercement salt dome which was originally discovered in 1912 by a well that flowed at a rate of 1,200 barrels of oil per day from a depth of 1,225 feet. Prolific production has been established from reservoirs between the depths of 1,000 to 13,000 feet. Field development activity increased recently with the introduction and utilization of advanced drilling and completion technologies.
Barry Salsbury, Managing Partner of Krewe Energy, commented, “With this acquisition we have effectively tripled our production in 2017. Pine Prairie is a transformative milestone for the Company as we continue to diversify our asset portfolio. In addition to the substantial production and cash-flow contribution, this field offers the Company numerous behind-pipe, new drill and follow-up development opportunities.”
Krewe Energy continues to focus on the growth and further development of its existing asset base while also seeking additional acquisitions of mature assets within its core operating area.
About Krewe Energy, LLC
Krewe Energy, LLC is a privately held independent oil and gas company headquartered in Covington, Louisiana. The Company is engaged in the acquisition, exploitation and development of producing oil and gas fields, with a specific focus on conventional production opportunities within the shallow State waters of the Gulf of Mexico, Inland marsh and Onshore areas of Louisiana and the greater Gulf Coast region. Krewe Energy operates and owns a 100% working interest in the majority of its existing assets. The Company was formed in 2013 by its founders, Tom De Brock and Barry Salsbury, and is supported by its financial partners Coral Reef Capital and Sage Road Capital. For more information, please visit www.krewe-energy.com.
About Coral Reef Capital
Coral Reef Capital is a New York-based private investment firm that focuses exclusively on private equity investments in the natural resources sector, including oil & gas exploration and production, metals & mining, and related services. For more information, please visit www.coralreefcapital.com.
About Sage Road Capital
Sage Road Capital is a Houston, Texas-based private equity investor in the upstream oil and gas sector. Founded in 2012, Sage Road targets lower middle-market investment opportunities in North America, with a primary regional focus on Texas, Oklahoma and the surrounding states. For more information, please visit www.sageroadcapital.com.