FORT WORTH, Texas, Dec. 7, 2017 /PRNewswire/ -- Chisholm Energy Holdings, LLC ("Chisholm" or "the Company"), a start-up oil and gas company backed by Warburg Pincus, today announced that it has signed a definitive agreement to acquire undeveloped acreage from Resource Rock Exploration, LLC ("Resource Rock"), an oil and gas company backed by Kayne Anderson Energy Funds. The acreage, which contains multiple horizontal reservoir targets in the Bone Spring and Wolfcamp Formations, is located in Eddy County in the New Mexico Delaware Basin. The transaction is expected to close in January 2018. Terms of the transaction were not disclosed.
The newly acquired asset complements Chisholm's existing position and upon closing of the transaction, Chisholm will hold over 30,000 net acres in the New Mexico Delaware Basin. In May 2017, Chisholm closed on its first asset acquisition of acreage located in Eddy and Lea Counties from a private seller. The Company is currently running three drilling rigs and is producing approximately 4,000 BOEPD.
Mark Whitley, Chief Executive Officer of Chisholm, commented, "We are pleased to expand our presence in the Delaware Basin with this acquisition, which adds scale and value to our growing platform in the region. We look forward to applying our best-in-class operating capabilities to develop our position and will continue to pursue additional opportunities to deliver value."
Chisholm was formed in 2016 and is backed by a $500 million line-of-equity commitment from Warburg Pincus, a global private equity firm focused on growth investing.
About Chisholm Energy Holdings, LLC
Chisholm is a start-up oil and gas production company with operational headquarters in Fort Worth, Texas. The Company is currently focused on pursuing unconventional resource opportunities in the northern Delaware Basin. Chisholm is led by a seasoned team of oil and gas executives in partnership with Warburg Pincus, a global private equity firm with a 25-year track record of building businesses and creating value in the energy sector. For more information, visit www.chisholmenergy.com.
About Resource Rock Exploration, LLC
Resource Rock is a private exploration and production company based in Houston, Texas that focuses on the acquisition and development of acreage in the Delaware Basin. Resource Rock was formed in 2017 with backing from Kayne Anderson Energy Funds, the energy private equity arm of Kayne Anderson Capital Advisors, L.P., which focuses on private equity investing in growth-oriented oil and gas companies.
Chisholm Energy Holdings, LLC
Chief Financial Officer
Vice President Business Development
Resource Rock Exploration, LLC
CEO & President
SOURCE Chisholm Energy Holdings, LLC