Warwick Investment Group has acquired producing oil and gas assets in Texas’s Eagle Ford Shale in the US from Rosewood Resources.
The purchase price, together with anticipated asset development capital, is estimated to be $450m.
Warwick, which manages approximately $2bn in assets, expects the acquisition to deliver both short and long-term value due to the balanced mix of the acreage’s current production and near-term future development.
Warwick Investment Group co-chief investment officer Ian Rainbolt said: “This asset sits well within Warwick’s investment criteria targeting current production, future drilling inventory and diversified commodity streams.
“We believe this acquisition represents a strong risk-adjusted return on deployed capital for our investors and welcome this asset to the Warwick portfolio.”
The firm said that the current oil production and near-term development would provide it with exposure to the oil prices.
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Warwick Investment Group CEO Kate Richard said: “Rosewood grows Warwick’s exposure to world-class, geologically diversified and de-risked reservoirs.
“We congratulate the Rosewood team on their work on this asset and look forward to growing Warwick’s exposure to the Eagle Ford.”
The investment firm said it holds Eagle Ford property situated next to the Rosewood acreage, according to Bloomberg.
As part of Rosewood asset development, Warwick plans to focus on natural gas and natural gas liquids to provide fuel for producing power and feedstock for chemicals and plastics.
Rosewood Resources operates more than 1,000 wells in Colorado, Kansas, Utah, and Texas in the US. It also holds non-operated interests in assets situated in North Dakota and Oklahoma.
Rosewood Resources is a unit of Rosewood Corporation, which is a wholly-owned subsidiary of Caroline Hunt Trust Estate.
Earlier this year, another oil company within the extended Hunt family divested its assets, including 44,000 acres across five counties in the Midland Basin to Vitol Group.