Atlantic Operating has completed a $150m commitment of equity capital from Natural Gas Partners (NGP) through its recently closed fund, NGP Natural Resources X.
The company also acquired working interests in producing wells and acreage from over 20 existing working interest owners in Atlantic-operated properties in exchange for membership interests in the newly-formed company.
Atlantic Operating CEO Rick Jennings said the partnership will allow the company to increase the drilling and development of its assets in the Delaware Basin.
NGP CEO Kenneth Hersh said, "The Atlantic management team has been an early leader in this emerging play and we believe their continued proprietary deal flow and technical understanding of the play provides the platform for a very attractive investment opportunity."
Steve Marks of Marks Oil, one of Atlantic’s contributing working interest owners, said the company has assembled an good position in the Wolfbone and is positioned to accelerate development with this capital infusion from NGP.
"Atlantic’s operating experience and expertise in the Wolfbone will be instrumental as the company looks to optimise the vertical and horizontal development of its attractive asset base" said Marks.
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By GlobalDataAtlantic Operating owns 20,000 net acres in the southern Delaware Basin in the US. It will also work on the vertical and horizontal development of its acreage in Reeves, Ward and Pecos counties, Texas.
