•  
  •  
  •  
  •  
  •  
  • Untitled Document
    Untitled Document

    Legend partnerships merge; close $900M Barnett Shale purchase

    The Legend Natural Gas partnerships (composed of Legend Natural Gas II, LP, Legend Natural Gas III, LP and Legend Natural Gas IV, LP) have merged into one holding company and closed on the acquisition of $900 million in Barnett Shale assets from Range Resources Corp. (NYSE: RRC).

    The new partnership, Legend Production Holdings LLC also closed on a $1.5 billion senior secured revolving facility which, along with additional contributed equity, funded the Range acquisition as well as future growth opportunities. The credit facility was funded by a syndication of banks led by Wells Fargo Securities and J.P. Morgan Chase.

    Houston-based Legend Natural Gas announced its entry into the horizontal Barnett Shale resource play in early 2011. Assets acquired include 390 producing wells and approximately 52,000 net acres, 80% of which are located in the prolific core area of the Barnett trend. Daily net production from the properties was 113 Mmcfe per day (86% gas) as of February 1, 2011, the effective date of the purchase. Legend will serve as operator.

    The Range acquisition follows a $99.2 million acquisition of conventional South Texas Vicksburg production from a subsidiary of Smith Production Co., which closed on March 31, 2011. Legend acquired a majority interest in the Samano and Santa Fe Fields located in Starr, Brooks, and Hidalgo Counties, Texas. The properties include 103 wells producing approximately 9 MMcfe per day net (65% gas) on 7,200 net acres. Legend will serve as operator.

    Legend Production now owns an interest in approximately 800 operated, producing wells located in three core areas: the Fort Worth Basin, the Permian Basin and South Texas. Legend Production is currently exploring and developing its acreage position in the emerging Bone Spring/Avalon/Wolfcamp shale plays of the Delaware Basin in New Mexico and West Texas.

    Equity for all of the Legend partnerships is provided by the Riverstone/Carlyle Global Energy and Power Funds, a group of energy-focused private equity funds managed by Riverstone Holdings LLC.

    Related Articles

    Vaquero gets equity commitment from Yorktown

    08/22/2014 Vaquero Midstream LLC has received a substantial equity commitment from Yorktown Energy Partners LLC. Vaquero offers customers a full suite of integrated crude oil and natural gas midstream service...

    Intervale Capital acquires Recapture Solutions

    08/19/2014

    Intervale Capital has acquired Recapture Solutions LLC from Triten Corp. 

    PennTex to build gathering, processing platforms in Permian and Lousiana

    08/18/2014

    PennTex Midstream Partners LLC has signed two separate midstream transactions to build two significant gathering and processing platforms in the Permian Basin and Northern Louisiana.

    Oilfield water management

    08/11/2014

    Today, much more attention is being paid to issues surrounding the management of oilfield water used in upstream oil and gas operations.

    BridgeTex Pipeline extends open season

    08/11/2014 Magellan Midstream Partners LP and Occidental Petroleum Corp. report that BridgeTex Pipeline has extended its supplemental open season for additional transportation commitments on the pipeline. Bin...

    More Oil & Gas Financial Articles

    Vaquero gets equity commitment from Yorktown

    Fri, Aug 22, 2014

    Vaquero Midstream LLC has received a substantial equity commitment from Yorktown Energy Partners LLC. Vaquero offers customers a full suite of integrated crude oil and natural gas midstream services, including gathering, treating, processing, compression, liquids handling, and transmission.

    Intervale Capital acquires Recapture Solutions

    Tue, Aug 19, 2014

    Intervale Capital has acquired Recapture Solutions LLC from Triten Corp. 

    PennTex to build gathering, processing platforms in Permian and Lousiana

    Mon, Aug 18, 2014

    PennTex Midstream Partners LLC has signed two separate midstream transactions to build two significant gathering and processing platforms in the Permian Basin and Northern Louisiana.

    Oilfield water management

    Mon, Aug 11, 2014

    Today, much more attention is being paid to issues surrounding the management of oilfield water used in upstream oil and gas operations.

    BridgeTex Pipeline extends open season

    Mon, Aug 11, 2014

    Magellan Midstream Partners LP and Occidental Petroleum Corp. report that BridgeTex Pipeline has extended its supplemental open season for additional transportation commitments on the pipeline. Binding commitments are now due by 5 p.m. Central Time on Aug. 14.

    Most Popular

    Oil & Gas Jobs

    Search More Job Listings >>
    Subscribe to OGFJ