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BCE-Mach III agrees to acquire assets of Alta Mesa and Kingfisher Midstream for $320m

May 7, 2021 | By admin | No Comments | Filed in: oysnvzlet.

first_imgThe transaction marks the first acquisition for the third partnership of Bayou City Energy Management and Mach Resources BCE-Mach III agrees to acquire assets of Alta Mesa and Kingfisher Midstream for $320m. (Credit: Pixabay/Gerd Altmann) BCE-Mach III has signed purchase and sale agreements to acquire the assets of Alta Mesa and Kingfisher Midstream for $320m.The third partnership between Bayou City Energy Management and Mach Resources, BCE-Mach III will acquire all of the upstream oil and gas assets of Alta Mesa and its subsidiaries (AMH), and the midstream assets of Kingfisher Midstream and its subsidiaries (KFM).The deal forms part of the sellers’ Chapter 11 bankruptcies and its associated 363 sale processes.Under the terms of the deal, BCE-Mach III will acquire about 30 million barrels of oil equivalent per day (Mboed) of production which is 67% of liquids, around 72Mboe of proved reserves, over 900 operated wells, and 130,000 net acres which is 90% HBP from AMH.The firm will acquire the assets of 350 million cubic feet per day (million cfd) of processing capacity, 729km of gas gathering pipeline, 157Mbw/d water system capacity, and 360.4km of water disposal pipeline as well as 173.8km of oil gathering pipeline along with 50 million barrels of oil storage capacity from KFM.Acquisition of AMH and KFM marks sixth acquisition for BCE and Mach partnershipsMach Resources CEO Tom L. Ward said: “This was a unique opportunity to acquire a sizeable cash-flowing asset with the supporting midstream infrastructure, through a bankruptcy process, in an area of our team’s expertise and still have an extensive inventory for future development.“Our strategic aim in partnership with BCE has been to aggressively consolidate and maximize underdeveloped, undercapitalized or otherwise distressed areas in the Mid-Continent.”Subject to customary conditions and purchase price adjustments, the transaction is estimated to be closed in February this year.The acquisition of AMH and KFM marks the sixth acquisition by partnership and represents the first acquisition of the newly formed BCE-Mach III.In July last year, BCE-Mach II had agreed to acquire producing properties in Beckham, Custer, Dewey, Roger Mills and Washita Counties, Oklahoma and Hemphill and Roberts Counties, Texas from an undisclosed seller.last_img read more

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