Mach Resources Announces Acquisition in Partnership with Bayou City Energy
OKLAHOMA CITY--(BUSINESS WIRE)--May 22, 2019--
BCE-Mach LLC (“BCE-Mach”), a partnership between Bayou City Energy Management LLC (“BCE”) and Mach Resources LLC (“Mach”), has executed a Purchase and Sale Agreement to purchase producing properties primarily in Barber and Harper Counties, Kansas from an undisclosed seller. Closing is subject to customary conditions and is expected to occur this summer.
This transaction is the third acquisition for BCE-Mach in the Mississippi Lime since March 2018. BCE-Mach currently operates two rigs in the field and continues to see ample opportunities across its asset base. With the addition of these properties, BCE-Mach owns approximately 260,000 net acres, operates 835 wells and owns an interest in 1,561 wells operated by third parties across 22 counties in Oklahoma and Kansas.
“BCE-Mach is pleased with the acquisitions we’ve made in the Mississippi Lime,” said Mach CEO Tom Ward. “This purchase continues our consolidation of the play, provides a solid addition of producing properties and expands our inventory of drilling opportunities.”
“BCE is thrilled to announce another Mississippi Lime bolt-on acquisition with Tom and his team to the existing successful BCE-Mach platform,” said BCE Managing Partner Will McMullen. “This acquisition furthers our Miss Lime consolidation thesis and increases our economies of scale within the play.”
About Mach Resources LLC
Mach is an independent oil and natural gas producer focused on acquiring, exploring and developing high-return, low-cost projects. Founded in January 2017, the company pursues assets with production history and development opportunity. Mach is located in Oklahoma City, OK.
About Bayou City Energy Management LLC
BCE is a private equity firm founded in 2015 to focus on making investments in the North American upstream oil and gas sector. BCE targets privately negotiated investments through two complementary strategies: providing buyout and growth equity capital for operated assets with current production and exploitable upside and partnering with operators to provide dedicated drilling capital in off-balance sheet structures. The BCE team, combined with the firm’s Advisory Board and strategic relationship with Ara Partners Group LLC, provides operators access to expertise, capital, and trusted partnership.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190522005750/en/
CONTACT: for Mach Resources LLC
Lisa Lloyd, 405-973-6960
KEYWORD: UNITED STATES NORTH AMERICA KANSAS OKLAHOMA
INDUSTRY KEYWORD: ENERGY OIL/GAS
SOURCE: Mach Resources LLC
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PUB: 05/22/2019 02:07 PM/DISC: 05/22/2019 02:07 PM