Venado Oil and Gas and KKR have closed acquisition
OREANDA-NEWS. March 20, 2018. Venado Oil and Gas, LLC ("Venado") and KKR today announced that they have closed on the acquisition of the operated and non-operated Eagle Ford assets of Cabot Oil & Gas Corporation (NYSE: COG) for a purchase price of $765 million, subject to customary closing adjustments. Venado and KKR acquired interests which include approximately 303 gross/203 net wells and 74,400 net acres situated primarily in the Eagle Ford oil window of South Texas (Atascosa, Frio, and LaSalle counties). During the fourth quarter of 2017, the assets produced 15,656 net barrels of oil equivalent per day (85% oil, 5% natural gas and 10% NGLs).
Venado CEO Scott Garrick stated, "The Cabot acquisition is a high-quality asset positioned in the oil fairway of the Eagle Ford. The combination of a strong production base and an attractive inventory of future drilling locations fit well with our disciplined business model of operating with free cash flow while supporting long term growth. We look forward to implementing our leading edge drilling and completion designs in one of the best producing basins in the country."
David Rockecharlie, Member and Head of Energy Real Assets for KKR, commented, "We are excited to continue to build a first-in-class Eagle Ford asset position alongside Scott and his team. We continue to see an attractive market opportunity throughout the Eagle Ford trend and believe we are well positioned for future growth and long-term value creation through strong operational execution."
About Venado Oil and Gas
Venado Oil & Gas is a private company focused on the acquisition and exploitation of upstream oil and gas assets. Headquartered in Austin, Texas, its primary objective is to build and operate a portfolio of producing oil and gas wells and drilling locations in the Eagle Ford Shale. For additional information about Venado Oil & Gas, please visit www.vogllc.com.
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic manager partnerships that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE: KKR), please visit KKR's website at www.kkr.com and on Twitter @KKR_Co.