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US: Sabinal Energy acquires Central Basin Platform assets from Chevron
13 Sep 2017
Sabinal Energy and the Kayne Private Energy Income Fund have announced the closing of the purchase of certain producing oil and natural gas assets owned by Chevron in the Central Basin Platform and Northern Shelf of West Texas. The acquired assets produce approx. 7,500 barrels of oil equivalent per day across a roughly 66,500 net acre position in Hockley, Terry and Gaines Counties.
Bret Jameson, CEO of Sabinal, said:
'We are excited to announce our first acquisition since forming Sabinal last summer. The Central Basin Platform is an area that we know well and one that we believe offers considerable upside potential through focused management. We are happy to welcome aboard many of the field employees from Chevron that will provide continuity which will be extremely helpful as we grow our position both organically and through future acquisitions in the area.'
'We are excited for Bret and his team and are confident in Sabinal’s operating capabilities,' said Danny Weingeist, Managing Partner at Kayne. 'The assets are a tremendous fit, not only for Sabinal, but also for our Fund’s strategy.'
Wells Fargo Bank, National Association provided a sole underwritten commitment for debt financing as part of the acquisition. DLA Piper LLP (US) and Kirkland & Ellis LLP served as legal advisors to Sabinal. Mobius Risk Group served as marketing and derivatives advisor to Sabinal.
Source: Sabinal Energy