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    Private company update

    Independent Research Firm IHS has provided OGFJ with updated production data for our periodic ranking of US-based private E&P companies. The rankings are based on operated production only within the US.

    Top 10

    The biggest mover in the OGFJ100P private company space since the January installment is Dallas, TX-based Chief Oil & Gas. In December 2013, the company, along with working interest partners Enerplus and Tug Hill, made a $500M acquisition of Marcellus Shale assets to increase its position to 210,000 acres in Pennsylvania. The assets, purchased from Chesapeake Appalachia LLC, include production of roughly 130,000 MCFD and approximately 40 operated wells waiting on completion or pipeline as well as undeveloped acreage. The acquisition includes leasehold in Bradford, Lycoming, Sullivan, Susquehanna and Wyoming Counties. The company jumped from its previous spot at No. 18 to its current No. 8 position.

    Top 10 Private Gas ProducersTop 10 Private Liquids Producers

    M&A

    Denver, CO-based FourPoint Energy LLC has acquired certain producing and undeveloped oil and gas properties and related midstream assets in the Western Anadarko Basin from affiliates of EnerVest Ltd. FourPoint purchased for $268M an ownership stake in both the Laredo Petroleum and SM Energy acquisitions closed by EnerVest in the second half of 2013. The acquisition includes interest in over 1,200 producing wells with net production to FourPoint of over 35 MMcfed. FourPoint and EnerVest entered into a Joint Development Agreement and Area of Mutual Interest Agreement to own, operate and develop oil and gas properties. Each company will hold a 50% interest in the AMI and EnerVest is designated as operator. This will be the first entry back into the Western Anadarko Basin for FourPoint Energy since the sale of their previous company, Cordillera Energy Partners to Apache in 2012. At the same time, FourPoint Energy raised over $1B of committed capital including $200M in direct private equity and $800M in term debt from EIG Global Energy Partners LLC and GSO Capital Partners. FourPoint also entered into a $250M credit facility with JP Morgan Chase and Wells Fargo. Jefferies acted as sole financial advisor, JP Morgan Securities acted as sole lead arranger and book runner and Andrews Kurth LLP acted as legal advisor to FourPoint Energy.

    Krewe Energy LLC, based in Covington, LA, completed the acquisition of 100% of both BLG Resources LLC and PDP Energy LP's interest in the Lake Long Field located in Lafourche Parish, LA. Krewe now controls nearly 1,700 gross acres within the field and is operated by Krewe's operating entity, S2 Energy Operating LLC. Krewe was formed by Sage Road Capital.

    Denver, CO-based Liberty Resources II LLC will acquire assets in North Dakota's Williston Basin for $455M. The properties comprise roughly 53,000 net acres in Williams, Divide, Burke and McKenzie counties and over 4,000 boe/day of production from the Bakken and Three Forks formations. The transaction is the first for the company since its $350M equity commitment from Riverstone Holdings LLC in November 2013.

    Financing

    Dallas, TX-based Foreland Resources LLC received a $50M investment from Vortus Investments Advisors in late 2013. The majority of the funds will be used to develop Foreland's Permian Basin asset. The transaction also included the refinancing of nearly $120M of Foreland's existing mezzanine facility into a two tranche facility comprised of a $50M senior credit facility and a $70M second lien facility provided by funds advised by Sankaty Advisors LLC. Sankaty also provided 20% of the $50M equity commitment.

    Rice Energy Inc., formerly Rice Energy LLC and appearing on the OGFJ100P listing at No. 58 in January, completed its IPO of 40M shares of common stock in mid-January. The company is NYSE-listed under the symbol "RICE." Barclays, Citigroup, Goldman, Sachs & Co., Wells Fargo Securities, BMO Capital Markets, and RBC Capital Markets acted as joint book-running managers.

    LOGOS Resources LLC received an upsized equity capital commitment to $100M from ArcLight Capital Partners LLC in late January. Funds will be used to develop existing acreage in the Gallup oil play in the San Juan Basin.

    In February, Ridgemont Equity Partners committed over $50M to help form Houston-based Pintail Oil and Gas LLC. The company will focus on acquiring, enhancing, and developing properties primarily along the onshore Gulf Coast.

    In mid-March, newly-formed Rock Oil Holdings LLC reported an equity commitment of up to $250M from Riverstone Holdings LLC. Rock Oil will likely concentrate its efforts in the Eagle Ford, the Utica, and the Permian Basin.

    Lario Oil & Gas Co. recently entered into a $600M credit facility with Wells Fargo Securities LLC, JP Morgan Securities LLC, and a syndicated group of banks including Bank of America, US Bank, BB&T, BBVA Compass, Comerica, and Regions Bank.

    Click here to view the pdf of the OGFJ100P "2013 Year-to-Date Production Ranked By BOE"
    Click here to view the pdf of the OGFJ100P "2013 Year-to-Date Production - Alphabetical Listing"

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