O’Brien Energy Resources, a New Hampshire oil and natural gas exploration company, has announced the acquisition of assets of two oil and gas companies in Kansas and Oklahoma.
These acquisitions are part of O’Brien’s long-term plan to strategically buy distressed oil and gas assets.
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Financial details of the deals have not been disclosed.
O’Brien Energy Resources Production Fund I bought the production assets of Keith F. Walker Oil & Gas Company, in Kansas and the Oklahoma panhandle. This deal includes 23 producing oil and gas wells and around 6,080 mineral acres held by production.
This deal became effective 1 January this year.
The production fund bought the production assets of Oolite Energy Corporation in Kansas. Effective from 1 February, the deal includes eight producing oil and gas wells and around 1,000 mineral acres held by production.
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By GlobalDataO’Brien Energy Resources president Joseph Forma said: “This first production fund is a pilot for the future. We are diligent operators and have built a strong team with decades of experience in managing production.”
Due to the Covid-19 pandemic, small producers have been wanting to exit the market for economic reasons, which has created an opportunity for O’Brien to make acquisitions.
The decision to buyout competitors also sets the stage for O’Brien to transition to an operating company model while remaining active in exploration.
Since 1990, O’Brien Energy Resources has been has been a conventional driller that operates over 75 wells in five states in the US.
It uses the services of more than 100 vendors and contractors, from drilling firms and service companies to contract pumpers.
“O’Brien executive vice-president Mark Eddinger said: “The production fund model provides the company with a great balance for our exploration activity, and also allows us the opportunity to apply our expertise to maximise the production of these added wells and potentially continue to explore the associated mineral leaseholds.”
