Falcon E&P Opportunities Fund Announces Sale of Producing Permian Assets
DALLAS and MIDLAND, Texas, Feb. 5, 2013 /PRNewswire/ -- Falcon E&P Opportunities GP, LLC ("Falcon"), a company specializing in direct onshore oil and gas investments, together with its partner BVX Operating Inc. ("BVX") announce the sale of producing assets of their joint project to a private buyer for $26 million on December 31, 2012. The sale included 17 producing wells on 608 acres in Andrews Co. and Ector Co., Texas.
"This sale marks the first investment in our fund to go full-cycle," said John Sears, Managing Director of Falcon. "The project demonstrates our low risk, development drilling strategy. When we invested, there were eight wells and 25 barrels of oil equivalent per day (boe/d) of production. We exited with the project drilled on 40 acre spacing and producing over 200 boe/d. BVX did an excellent job as Operator and we are grateful for their expertise and partnership."
"We enjoyed working with Falcon on this project," said Bill Burns, President of BVX. "They proved to be the non-operating partner of choice, with ready capital, a responsive back-office and vast experience. Falcon understood and endorsed our game plan, allowing us to implement the plan smoothly and on schedule. The working relationship with Falcon is always very positive; it is a real team effort."
About Falcon E&P Opportunities Fund
Founded in 2010, Falcon E&P Opportunities Fund, L.P. specializes in direct investments in onshore oil and gas assets located in the continental United States with $163 million in funds under management. For further information, please visit www.feplp.com.
XCXP Operating, L.P. and its operating subsidiary, BVX Operating Inc., are Midland-based oil and gas companies with offices in Midland and Katy, Texas.
SOURCE Falcon E&P Opportunities Fund, L.P.