US-based oil and gas company Maverick Natural Resources has bolstered its presence in the Anadarko Basin with a new acquisition.
The company has acquired FourPoint Energy, a key producer in the western part of Anadarko Basin.
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The all-equity merger makes FourPoint a wholly owned subsidiary of Maverick. It is also rebranded as Unbridled Resources.
The scope of the acquisition also includes FourPoint subsidiaries MidPoint Midstream and Wheeler Midstream, which offer midstream services in the Western Anadarko Basin.
Maverick CEO Chris Heinson said: “Over the last several years, Maverick has become a leader in reducing costs in mature assets. Maverick’s transformation process allows us to rapidly deploy technology and analytics to drive reductions in G&A and lease operating expense.
“By renaming FourPoint Energy to Unbridled Resources, we are signalling a shift from the traditional shale model to Maverick’s margin-focused operational strategy. These assets add to Maverick’s substantial portfolio of long-lived assets.
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By GlobalData“Further, the all-equity transaction ensures the combined Company will retain a healthy financial position with a 2020 pro forma debt to EBITDA ratio of approximately 0.5x.”
The acquired assets span around 700,000 acres across the core of the Granite Wash and Cleveland Sand plays producing nearly 50,000 net barrels of oil equivalent per day.
Heinson added: “With our proven track record of safe, environmentally responsible operations and significant operational scale, we are exceptionally well-positioned to acquire additional producing assets.”
Majority owned by institutional investor EIG Global Energy Partners, onshore-focused Maverick is headquartered in Texas and operates in thirteen US states.
