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Grenadier Energy plans to target acquisitions in the Lower 48 with its initial equity commitment of $350 million from EnCap Investments.
(Source: Shutterstock.com)
Grenadier Energy secured additional funding from longtime partner, EnCap Investments LP, on July 21 to continue its strategy of acquiring, developing and exploiting assets.
In a company release, Grenadier said it will use an initial $350 million equity commitment from EnCap closed in June to target acquisitions in the Lower 48. The company, led by CEO Patrick J. Noyes, noted in the release it had successfully employed this strategy through multiple iterations, most recently through the sale of a Midland Basin position to Surge Energy US Holdings Co. for $420 million.
Grenadier Energy III Announces Commitment From EnCap Investments To Target Acquisitions In The Lower 48 prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
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On Sunday, China’s Shandong Xinchao announced its decision to shell out $420 million to purchase oil-producing acreage from Grenadier Energy in the Texas Permian Basin.
Or rather, Surge Energy of Houston made the announcement via PR Newswire.
HOUSTON, Jan. 31, 2021 /PRNewswire/ Surge Energy US Holdings Company (“Surge Energy” or the “Company”) announced in the US that it, through its subsidiary, has signed a purchase and sale agreement to acquire leasehold interest and producing wells from Grenadier Energy Partners II LLC (“GEP II”) in Howard County, TX (the “Transaction”). The aggregate purchase price of the Transaction is expected to be approximately $420 million USD.