Falcon E&P Opportunities GP LLC, a company specializing in direct onshore oil and gas investments, together with its partner BVX Operating Inc., have sold producing assets of their joint project to a private buyer for $26 million. The sale, which took place on December 31, 2012, included 17 producing wells on 608 acres in Andrews Co. and Ector Co., Texas.
"This sale marks the first investment in our fund to go full-cycle," said John Sears, managing director of Falcon. "The project demonstrates our low risk, development drilling strategy. When we invested, there were eight wells and 25 barrels of oil equivalent per day (boe/d) of production. We exited with the project drilled on 40 acre spacing and producing over 200 boe/d. BVX did an excellent job as operator and we are grateful for their expertise and partnership."
Founded in 2010, Falcon E&P Opportunities Fund LP holds $163 million in funds under management.
XCXP Operating LP and its operating subsidiary, BVX Operating Inc., are Midland-based oil and gas companies with offices in Midland and Katy, Texas.